Fidelity Bank’s Q1 profit soars 167.8% to N105.8bn on asset growth
Onome Amuge
Fidelity Bank has reported a strong start to 2025, with pre-tax profit rising 167.8 per cent to N105.8 billion in the first quarter from N39.5 billion in the same period last year, fuelled by an expansion of the bank’s earning asset base.
Unaudited financial statements submitted by the Tier-1 lender to the Nigerian Exchange show (NGX) reported that gross earnings climbed 64.2 per cent year-on-year to N315.4 billion (Q1 2024: N192.1bn).
The full-fledged commercial deposit money bank serving over 9.1 million customers through digital banking channels attributed the growth in interest income primarily to a 38.6 per cent year-on-year increase in its earning assets.
In a similar trajectory, non-interest revenue also saw a boost, driven by foreign exchange-related income, trade finance activities, and commissions on banking services, underpinned by increased customer transactions.
Nneka Onyeali-Ikpe, managing director and chief executive officer, remarked that the triple-digit growth in profit and sustained momentum in earning assets showcased the resilience of the bank’s business model.
“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,” she stated.
The bank’s balance sheet also showed positive movement. Total deposits grew by 11.1 per cent since the end of 2024 to N6.6 trillion , with low-cost deposits accounting for 92.2 per cent.
Foreign currency deposits saw a notable increase, rising 21.4 per cent to $2.3 billion. Net loans and advances also expanded by 5.0 per cent year-to-date to N4.6 trillion, with local currency loans driving this growth.
The bank also reported a decline in its cost of risk to 0.6 per cent, down from 1.5 per cent in the 2024 financial year.
Onyeali-Ikpe reiterated the bank’s commitment to supporting economic growth and enhancing its financial sustainability through a diversified earnings base.