Fidelity Bank Plc has started the 2025 financial year strong, reporting a Profit Before Tax (PBT) of N105.8 billion in Q1. This marks a significant 167.8% rise from N39.5 billion recorded in the same period in 2024.
Strong Growth in Earnings and Deposits
The bank’s unaudited financials, released on April 30, 2025, show Gross Earnings surged by 64.2% year-on-year. Earnings grew to N315.4 billion from N192.1 billion in Q1 2024. This increase came from a 38.6% rise in earning assets and a boost in non-interest income. The non-interest revenue grew through foreign exchange gains, trade services, and banking commissions.
Managing Director/CEO Dr. Nneka Onyeali-Ikpe, OON, said the result reflects the strength of the bank’s business model. “We began the year with triple-digit profit growth and sustained our asset expansion. This gives us confidence in a stronger 2025,” she noted.
Total Deposits rose by 11.1% year-to-date to N6.6 trillion, up from N5.9 trillion in December 2024. Low-cost deposits accounted for N6.1 trillion, representing 92.2% of total customer deposits. Local currency deposits grew by 2.0%, while foreign currency deposits increased by 21.4%, rising from $1.9 billion to $2.3 billion.
Steady Loan Growth and Lower Risk
Net Loans and Advances increased by 5.0% to N4.6 trillion. Most of the loan growth came from local currency lending. The bank also reduced its cost of risk to 0.6%, down from 1.5% in the 2024 financial year.
“Our strong start this year reflects our commitment to supporting individuals and businesses. We aim to build a resilient and diversified banking franchise,” Onyeali-Ikpe added.
Fidelity Bank serves over 9.1 million customers through digital channels and 255 business offices across Nigeria. It also operates a UK subsidiary, FidBank UK Limited.
In 2024, the bank won several awards. These include the Excellence in Digital Transformation and MSME Banking Award from BusinessDay (BAFI), and the Most Innovative Mobile Banking App from Global Business Outlook. Euromoney named it the Best Bank for SMEs in Nigeria.
