Fidelity Bank Posts ₦105.8 Billion PBT in Q1 2025, Surging 167.8% YoY

LAGOS, Nigeria — Fidelity Bank Plc, one of Nigeria’s top-tier financial institutions, has delivered an exceptional performance in the first quarter of 2025, reporting a Profit Before Tax (PBT) of ₦105.8 billion, a 167.8% increase from ₦39.5 billion recorded in Q1 2024.

This outstanding result was disclosed in the bank’s unaudited financial statements published on the Nigerian Exchange (NGX) on April 30, 2025. The bank also recorded Gross Earnings of ₦315.4 billion, a sharp 64.2% year-on-year rise from ₦192.1 billion in the corresponding period last year.

Key Financial Highlights: Q1 2025

Metric	Q1 2025	Q1 2024	Change
Profit Before Tax (PBT)	₦105.8 billion	₦39.5 billion	▲ 167.8%
Gross Earnings	₦315.4 billion	₦192.1 billion	▲ 64.2%
Total Deposits	₦6.6 trillion	₦5.9 trillion (Dec)	▲ 11.1% YTD
Net Loans & Advances	₦4.6 trillion	—	▲ 5.0% YTD
Cost of Risk	0.6%	1.5% FY 2024	▼ Improved
FX Deposits	$2.3 billion	$1.9 billion (Dec)	▲ 21.4%

Strong Earnings Driven by Asset Growth and FX Gains

Fidelity Bank’s performance was driven by:

A 38.6% YoY expansion in its earning asset base
Increased non-interest income from FX-related transactions, trade, commissions, and service charges
Sustained growth in low-cost deposits, which now make up 92.2% of total customer deposits

According to the bank’s MD/CEO, Dr. Nneka Onyeali-Ikpe, OON:

“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.”

Deposit and Loan Book Highlights

Total Deposits surged to ₦6.6 trillion, up 11.1% year-to-date, driven largely by local and foreign currency deposit growth.
Foreign currency deposits rose by 21.4%, from $1.9 billion to $2.3 billion.
Net Loans & Advances increased to ₦4.6 trillion, reflecting a 5.0% growth, with lending skewed toward local currency (LCY) to manage currency exposure.
Cost of risk significantly reduced to 0.6%, down from 1.5% in FY 2024, signaling improved credit quality and risk management.

Digital & SME Banking Leadership Recognized

Fidelity Bank continues to cement its leadership in digital innovation and SME support, earning multiple prestigious awards, including:

🏆 Excellence in Digital Transformation & MSME Banking — BAFI Awards 2024
🏆 Most Innovative Mobile Banking App — Global Business Outlook 2024
🏆 Most Innovative Investment Banking Provider — Global Brands Magazine 2024
🏆 Best Bank for SMEs in Nigeria — Euromoney Awards for Excellence
🏆 Export Financing Bank of the Year — BAFI Awards

These accolades reflect the bank’s continued investment in technology, financial inclusion, and support for micro, small and medium enterprises (MSMEs)—a segment critical to Nigeria’s economic growth.

Operational Footprint & Customer Base

Customer Base: Over 9.1 million customers
Branches: 255 business offices across Nigeria
International Presence: Subsidiary in the United Kingdom — FidBank UK Limited
Digital Channels: Fully integrated mobile, web, and digital banking services

Conclusion: A Strong Start to 2025

Fidelity Bank’s Q1 2025 results reflect strategic discipline, operational excellence, and market responsiveness. With triple-digit profit growth, rising deposits, and improving asset quality, the bank is well-positioned to outperform in the rest of the year.

As it continues to deepen digital innovation and support SME financing, Fidelity Bank is not just delivering shareholder value but playing a key role in Nigeria’s financial inclusion and economic resilience agenda.