Fidelity Bank Plc reported a profit before tax (PBT) of N105.8 billion for Q1 2025 — a 167.8% increase from N39.5 billion in the same period last year.
According to its unaudited financial results filed with the Nigerian Exchange Limited (NGX) on April 30, gross earnings rose by 64.2% year-on-year to N315.4 billion from N192.1 billion.
“Growth in interest income was primarily led by 38.6% yoy (7.4% ytd) expansion in earning assets base, while the increase in non-interest revenue came from FX-related income, trade and commission on banking services, etc., supported by increased customer transactions,” Fidelity Bank said.
Managing Director and CEO, Nneka Onyeali-Ikpe, attributed the strong performance to the bank’s resilient business model, saying it sets the tone for an even better 2025.
“We started the year with triple-digit growth in profit and sustained the momentum in our earning assets growth,” Onyeali-Ikpe said.
“This performance shows the resilience of our business model and reinforces our confidence in delivering a better result in the 2025 financial year.”
Total deposits rose by 11.1% YTD to N6.6 trillion, with low-cost deposits growing 10.6% to N6.1 trillion — 92.2% of total customer deposits. Local currency deposits were up 2% YTD, while foreign currency deposits rose sharply by 21.4%, from $1.9 billion to $2.3 billion.
Net loans and advances also grew 5.0% to N4.6 trillion, largely driven by local currency loans, while the bank’s cost of risk dropped to 0.6% from 1.5% in 2024.
“Beginning the year with such positive momentum reinforces our commitment to supporting the growth of individuals and businesses, while enhancing our financial sustainability,” Onyeali-Ikpe said.
She added that the bank remains focused on building a resilient institution with a well-diversified revenue base through 2025.
