Fidelity Bank Plc has recorded a Profit Before Tax (PBT) of N105.8 billion for the first quarter of 2025, marking a 167.8% increase from N39.5 billion reported in Q1 2024.
The unaudited financial results, released on April 30, 2025, also show Gross Earnings rose by 64.2% year-on-year to N315.4 billion, up from N192.1 billion in the same period last year. The growth was attributed to increased interest income from a 38.6% year-on-year expansion in earning assets and a rise in non-interest revenue from FX income, trade fees, and commissions.
Commenting on the result, Managing Director/CEO Dr. Nneka Onyeali-Ikpe, OON, said: “We started the year with triple-digit profit growth and sustained momentum in asset growth. This reflects the strength of our business model and our confidence in delivering even stronger results for the rest of 2025.”
The bank’s total deposits grew 11.1% year-to-date (YTD) to N6.6 trillion, driven by a 10.6% YTD increase in low-cost deposits, now accounting for 92.2% of total customer deposits. Local currency deposits rose by 2.0%, while foreign currency deposits jumped 21.4%, from $1.9 billion in December 2024 to $2.3 billion in Q1 2025.
Net Loans and Advances rose by 5.0% to N4.6 trillion, with most of the growth in local currency loans. Cost of risk declined to 0.6% from 1.5% in full-year 2024.
“As we progress through the year, our focus remains on building a resilient, diversified banking franchise while supporting customers and businesses,” Onyeali-Ikpe added.
Fidelity Bank currently serves over 9.1 million customers through its digital platforms, 255 branches across Nigeria, and its UK subsidiary, FidBank UK Limited. It has received numerous awards for innovation and SME banking, including recognition from Euromoney and BusinessDay.
Leave a Reply