Fidelity Bank’s profit soars to N105.8bn in first quarter of 2025

By Taiye Olayemi

Fidelity Bank Plc has reported an impressive profit before tax (PBT) of N105.8 billion for the first quarter of 2025, marking a significant growth of 167.8% from N39.5 billion in the same period in 2024.

The bank shared this remarkable performance in its unaudited financial statements filed with the Nigerian Exchange.

In addition to the strong PBT, Fidelity Bank’s gross earnings climbed to N315.4 billion, representing a 64.2% year-on-year increase from N192.1 billion in Q1 2024.

The notable growth in interest income was driven by a 38.6% year-on-year increase in the bank’s earning assets base. Non-interest revenue also saw a rise, largely propelled by foreign exchange-related income, trade commissions, and fees from banking services, driven by an uptick in customer transactions.

Commenting on the results, Dr. Nneka Onyeali-Ikpe, Chief Executive Officer of Fidelity Bank Plc, said, “We began the year with triple-digit growth in profit and have maintained strong momentum in our earning assets. This performance underscores the resilience of our business model and reinforces our optimism for continued growth in 2025.”

Fidelity Bank also saw a robust improvement in other key financial indicators. Total deposits grew by 11.1% year-to-date, reaching N6.6 trillion, up from N5.9 trillion in December 2024. This growth was largely driven by an increase of 10.6% in low-cost deposits, which now account for 92.2% of total customer deposits.

Foreign currency deposits surged by 21.4%, rising from $1.9 billion in December 2024 to $2.3 billion, while local currency deposits increased by 2.0%.

Net loans and advances grew by 5.0% to N4.6 trillion, with the growth primarily in local currency loans. The bank also saw a decline in its cost of risk, dropping from 1.5% in the 2024 financial year to 0.6% in Q1 2025.

Dr. Onyeali-Ikpe emphasized, “This positive momentum as we enter the year reaffirms our commitment to fostering the growth of individuals and businesses, while enhancing our financial sustainability. Moving forward, we remain focused on building a resilient banking franchise with a diversified earnings base.”

Fidelity Bank, a full-service commercial deposit money bank, serves over 9.1 million customers through its 255 business offices in Nigeria, as well as its UK subsidiary, FidBank UK Ltd. (NAN)