By Ayomide Otitoju
Fidelity Bank Plc has posted a remarkable financial performance for the first quarter of 2025, reporting a Profit Before Tax (PBT) of N105.8 billion, a significant 167.8% increase from N39.5 billion in Q1 2024.
The bank’s unaudited financial results, released on the Nigerian Exchange (NGX) on April 30, 2025, also revealed a notable rise in Gross Earnings, which surged by 64.2% to N315.4 billion, compared to N192.1 billion in the same period last year. This growth was driven by a 38.6% year-on-year expansion in the bank’s earning assets base, alongside a rise in non-interest income from FX-related transactions, trade, and commission on banking services, fueled by increased customer activity.
Dr. Nneka Onyeali-Ikpe, OON, Managing Director/CEO of Fidelity Bank, expressed confidence in the bank’s results, stating, “We started the year with triple-digit growth in profit and sustained the momentum in our earning assets growth. This performance highlights the resilience of our business model and strengthens our outlook for a successful 2025.”
The bank’s Total Deposits grew by 11.1% year-to-date, reaching N6.6 trillion, up from N5.9 trillion in December 2024. Notably, low-cost deposits increased by 10.6%, making up 92.2% of total customer deposits. Additionally, foreign currency deposits rose by 21.4% from $1.9 billion to $2.3 billion.
Fidelity Bank’s Net Loans and Advances increased by 5.0% year-to-date, reaching N4.6 trillion. The bank’s loan book showed a strong preference for local currency loans, with a decline in cost of risk to 0.6%, down from 1.5% in 2024.
Onyeali-Ikpe added, “This positive momentum reinforces our commitment to supporting individual and business growth while enhancing our financial sustainability. As we progress through 2025, we remain focused on building a resilient banking franchise with a diversified earnings base.”
Fidelity Bank, serving over 9.1 million customers through its 255 branches in Nigeria and its UK subsidiary, FidBank UK Limited, continues to lead in digital transformation. The bank has received several prestigious awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award, the Most Innovative Mobile Banking App Award for its Fidelity Mobile App, and the Most Innovative Investment Banking Service Provider Award. Additionally, it was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence.
