Fidelity Bank posts N105.8bn profit in Q1 2025 amid strong earnings growth

Fidelity Bank Plc, one of Nigeria’s top-tier financial institutions, has posted a stellar financial result for the first quarter of 2025, with Profit Before Tax (PBT) skyrocketing by 167.8% to N105.8 billion, up from N39.5 billion in Q1 2024.

The bank’s unaudited financial statements, released to the Nigerian Exchange (NGX) on April 30, underscore its strong start to the year.

Gross earnings climbed to N315.4 billion, reflecting a robust 64.2% year-on-year increase from N192.1 billion recorded in the same quarter of 2024.

This remarkable performance was driven by a 38.6% year-on-year (7.4% year-to-date) expansion in the bank’s interest-earning assets, coupled with a sharp rise in non-interest income from foreign exchange gains, trade services, and transaction-based fees.

Commenting on the results, Managing Director/CEO of Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, OON, said:

“We started the year with triple-digit profit growth and maintained strong momentum in our earning assets. This performance reflects the strength and adaptability of our business model and gives us great confidence for the full-year outlook.”

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The bank also recorded significant improvements in key balance sheet metrics. Total deposits grew by 11.1% year-to-date, reaching N6.6 trillion, up from N5.9 trillion as of December 2024.

This was largely driven by a 10.6% increase in low-cost deposits, now comprising 92.2% of total customer deposits. Notably, foreign currency deposits rose by 21.4%, moving from $1.9 billion in December 2024 to $2.3 billion.

Net loans and advances rose by 5.0% year-to-date to N4.6 trillion, with growth skewed toward local currency lending. Encouragingly, the bank reported an improvement in asset quality as the cost of risk declined to 0.6%, down from 1.5% in the full year 2024.

Dr. Onyeali-Ikpe reaffirmed the bank’s strategic focus: “Our Q1 performance reinforces our dedication to empowering individuals and businesses while ensuring the financial sustainability of our operations. As the year progresses, we remain committed to building a resilient, diversified banking franchise.”

Fidelity Bank Plc, which serves over 9.1 million customers through its digital platforms, 255 business locations in Nigeria, and its UK subsidiary, FidBank UK Limited, continues to earn accolades for innovation and impact.

These recognitions underscore Fidelity Bank’s position as a forward-looking institution focused on delivering value across all customer segments.