Fidelity Bank Reports 167.8% Profit Growth in Q1 2025 Earnings

Lagos, Nigeria – Fidelity Bank Plc has announced a significant increase in pre-tax profit for the first quarter of 2025, reporting a remarkable 167.8% rise to N105.8 billion, up from N39.5 billion in the same period last year.

The unaudited financial results, made public on the Nigerian Exchange (NGX), indicate that gross earnings soared by 64.2% year-on-year to N315.4 billion, compared to N192.1 billion in Q1 2024. The bank attributes much of this growth to a 38.6% rise in its earning asset base.

Non-interest revenue also experienced a significant increase, primarily due to growth in foreign exchange-related income, trade finance activities, and commissions on banking services. This increase mirrored a rise in customer transactions, according to bank officials.

Dr. Nneka Onyeali-Ikpe, the bank’s managing director and chief executive officer, commented on the performance: “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.”

In addition to profit growth, Fidelity Bank’s financial trajectory revealed improvements in its balance sheet. Total deposits increased by 11.1% since the end of 2024, reaching N6.6 trillion, with low-cost deposits making up 92.2% of the total. Furthermore, foreign currency deposits rose by 21.4% to $2.3 billion.

Net loans and advances also grew by 5.0% year-to-date to N4.6 trillion, largely driven by local currency loans. The bank reported a decrease in its cost of risk, down to 0.6% from 1.5% in the 2024 financial year. This marks a positive trend for the bank as it continues to support economic growth while enhancing its financial sustainability through a diversified earnings base.