Fidelity Bank posts N105bn profit before tax

Fidelity Bank Plc has recorded a profit before tax (PBT) of N105.8 billion for the first quarter (Q1) of 2025.

In its unaudited financial statements filed with the Nigerian Exchange Limited (NGX) on April 30, the bank said the PBT represents a growth of 167.8 percent compared to N39.5 billion recorded in Q1 2024.

According to the report, gross earnings rose to N315.4 billion — up 64.2 percent year-on-year (YoY) from N192.1 billion in the same period last year.

“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.

Commenting on the result, Nneka Onyeali-Ikpe, managing director and chief executive officer (CEO) of Fidelity Bank Plc, said the performance demonstrates the bank’s resilience and positions it for an even stronger result in 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.”

Other areas of the unaudited financial statements also reflected strong performance, with total deposits rising by 11.1 percent year-to-date (YTD) to N6.6 trillion from N5.9 trillion in December 2024, driven by 10.6 percent YTD growth in low-cost deposits to N6.1 trillion, which represents 92.2 percent of total customer deposits.

Fidelity Bank added that local currency deposits rose by 2 percent YTD, while foreign currency deposits surged by 21.4 percent—from $1.9 billion in December 2024 to $2.3 billion.

According to the report, net loans and advances grew by 5.0 percent YTD to N4.6 trillion.

It noted that the growth in the bank’s loan book was focused on local currency (LCY) loans, while the cost of risk dropped to 0.6 percent from 1.5 percent recorded in the 2024 financial year.

Onyeali-Ikpe said the bank’s strong start to the year affirms its commitment to driving growth for individuals and businesses, while also strengthening financial stability.

“Beginning the year with such positive momentum reinforces our commitment to supporting the growth of individuals and businesses, while enhancing our financial sustainability,” she said.

The CEO added that the bank would maintain its focus on building a resilient institution with a well-diversified revenue base throughout the rest of the year.