Fidelity Bank Plc, has recorded a profit before tax (PBT) of N105.8 billion in its financial results for the first quarter (Q1) ended March 31, 2025.
The Bank’s unaudited financial statements, released on the Nigerian Exchange (NGX), revealed that pre-tax profit grew by 167.8 per cent from N39.5 billion in Q1 2024 to N105.8 billion in Q1 2025.
Also, gross earnings rose to N315.4 billion, marking a year-on-year growth of 64.2 per cent from N192.1 billion in the same period last year. Growth in interest income was primarily led by 38.6 per cent Y-o-Y 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.
Speaking on the Bank’s performance, managing director/chief executive officer of Fidelity Bank, Dr. Nneka Onyeali-Ikpe stated, “we started the year with triple-digit growth in profit and sustained the momentum in our earning assets growth. This performance shows the resilience of our business model and reinforces our confidence in delivering a better result in the 2025 financial year.”
Other areas of the unaudited financial statements, equally show a marked improvement with total deposits grew by 11.1 per cent to N6.6 trillion from N5.9 trillion in December 2024, driven by 10.6 per cent year-to-date growth in low-cost deposits to N6.1 trillion, which represents 92.2 per cent of total customer deposits. Local currency deposits increased by 2.0 per cent while foreign currency deposits increased by 21.4 per cent from $1.9 billion in December 2024 to $2.3 billion.
Net loans and advances increased by 5.0 per cent year-to-date to N4.6 trillion. The growth in the bank’s loan book was skewed to LCY Loans as cost of risk declined to 0.6 per cent from 1.5 per cent in 2024 full year.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.