Fidelity Bank grows PBT to N105.8bn in Q1

Fidelity Bank Plc has released its financial performance for the first quarter (Q1) of 2025, recording a Profit Before Tax (PBT) of N105.8 billion, representing an impressive growth of 167.8 percent compared to N39.5 billion in Q1 2024.

The bank’s unaudited financial statements, released on the Nigerian Exchange (NGX) on April 30, 2025, highlight a substantial increase in Gross Earnings, which rose to N315.4 billion, marking a year-on-year growth of 64.2 percent from N192.1 billion in the same period last year.

Growth in interest income was primarily led by 38.6 percent year-on-year (yoy) (7.4 percent YtD) expansion in earning assets base, while the increase in non -interest revenue came from FX-related income, trade and commission on banking services, etc., supported by increased customer transactions.

Commenting on the bank’s performance, Nneka Onyeali-Ikpe, Managing Director/Chief Executive Officer of Fidelity Bank Plc, stated, “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 a better result in the 2025 financial year.”

Other areas of the unaudited financial statements, equally show a marked improvement with total deposits growing by 11.1 percent YtD to N6.6trillion from N5.9trillion in December 2024, driven by 10.6 percent ytd growth in low-cost deposits to N6.1trillion, which represents 92.2 percent of total customer deposits. Local currency deposits increased by 2 percent ytd while foreign currency deposits increased by 21.4 percent from $1.9billion in December 2024 to $2.3billion.

Net Loans and Advances increased by 5 percent ytd to N4.6trillion. The growth in the bank’s Loan Book was skewed to LCY Loans as cost of risk declined to 0.6 percent from 1.5 percent in 2024FY.

“Beginning the year with such positive momentum reinforces our commitment to supporting the growth of individuals and businesses, while enhancing our financial sustainability. As we go into the rest of the year, we remain focused on building a resilient banking franchise with a diversified earnings base,” Onyeali-Ikpe added.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.