By Ayomide Otitoju
Global credit rating agency Fitch Ratings has affirmed Fidelity Bank Plc’s Long-Term Issuer Default Rating (IDR) at ‘B’ and upgraded its National Long-Term Rating to ‘A+(nga)’ from ‘A(nga)’, reflecting the bank’s improved capital strength and robust profitability.
The upgrade, announced on May 29, 2025, is driven by Fidelity Bank’s recent capital raise through a rights issue and public offer, alongside higher interest income and a stable base of low-cost deposits, which have bolstered its earnings.
According to Fitch, Fidelity’s Fitch Core Capital (FCC) ratio rose significantly to 29.9% as of end-2024, well above regulatory requirements. The rating agency also noted that ongoing capital raising efforts are expected to help the bank meet the ₦500 billion minimum capital threshold for internationally licensed banks ahead of the 2025 deadline.
Reacting to the development, Dr. Nneka Onyeali-Ikpe, Managing Director/CEO of Fidelity Bank, said the rating upgrade affirms the bank’s resilient business model and strong risk management framework.
“Despite a challenging macroeconomic environment, we have maintained strong asset quality, solid profitability, and ample liquidity. This recognition reinforces our position as one of Nigeria’s most resilient and customer-focused financial institutions,” she stated.
Fidelity Bank, Nigeria’s sixth-largest bank by assets, controls approximately 5% of the banking sector’s total assets. As of year-end 2024, low-cost current and savings deposits accounted for 93% of its total deposits, placing it among the top performers in the industry.
The upgraded rating is expected to boost investor confidence and support Fidelity Bank’s strategic plans to expand its domestic and international footprint.
Serving over 9.1 million customers, the bank operates 255 business offices across Nigeria and through its UK subsidiary, FidBank UK Limited. It continues to earn accolades for innovation and service excellence, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay and Best Bank for SMEs in Nigeria by Euromoney.
Fidelity Bank’s latest rating upgrade underscores its growing strength in Nigeria’s financial services sector and its commitment to delivering long-term value to stakeholders.
