Fidelity Bank Rakes in N105.8 Billion Profit Before Tax for Q1 2025, Up by 167%

Fidelity Bank Plc has reported a significant financial performance for the first quarter of 2025, posting a profit before tax (PBT) of ₦105.8 billion.

This marks a remarkable 167.8% increase compared to the ₦39.5 billion recorded in the same period last year, reflecting the bank’s robust growth strategy and effective risk management.

According to the bank’s unaudited financial statements filed with the Nigerian Exchange Limited (NGX) on April 30, 2025, Fidelity Bank’s gross earnings for the quarter rose by 64.2% year-on-year, reaching ₦315.4 billion, up from ₦192.1 billion in the first quarter of 2024.

The bank attributed this impressive growth to a 38.6% expansion in its earning assets base, which significantly boosted interest income. In addition, the bank’s non-interest revenue surged, driven by increased foreign exchange-related income, trade, and commissions on banking services, reflecting a rise in customer transactions and economic activity.

Fidelity Bank also reported substantial growth in its deposit base, with total deposits rising by 11.1% year-to-date to ₦6.6 trillion, compared to ₦5.9 trillion in December 2024. Notably, low-cost deposits, which represent a critical component of the bank’s funding strategy, grew by 10.6%, now accounting for 92.2% of total customer deposits.

Foreign currency deposits surged by 21.4%, increasing from $1.9 billion to $2.3 billion, while local currency deposits rose by 2.0%, highlighting the bank’s ability to attract a diverse range of customer funds despite challenging market conditions.

The bank’s net loans and advances also grew by 5.0% year-to-date, reaching ₦4.6 trillion, with a significant portion of this growth driven by local currency loans. In a further sign of improved financial stability, Fidelity Bank’s cost of risk declined to 0.6%, down from 1.5% in the 2024 financial year, indicating stronger credit risk management and a more resilient loan portfolio.

Dr. Nneka Onyeali-Ikpe, Managing Director and Chief Executive Officer of Fidelity Bank Plc, expressed optimism about the bank’s performance, stating, “We started the year with triple-digit growth in profit and sustained the momentum in our earning assets growth.

This performance shows the resilience of our business model and reinforces our confidence in delivering even better results in the 2025 financial year.”

She added that the bank remains focused on building a diversified earnings base and providing innovative financial solutions to support the growth of individuals and businesses, further strengthening its position as one of Nigeria’s leading financial institutions.

With over 9.1 million customers, 255 business offices in Nigeria, and a growing international presence through its United Kingdom subsidiary, FidBank UK Limited, Fidelity Bank is poised to maintain its upward trajectory as it continues to expand its market share and enhance customer value.

As the bank builds on this strong start to the year, it aims to sustain its momentum through strategic investments in technology, customer experience, and innovative financial products, positioning itself as a key player in Nigeria’s competitive banking sector.