Fidelity Bank grows PBT by 167.8% to N105.8bn in Q1 2025

Fidelity Bank Plc, has announced a remarkable financial performance for the first quarter of 2025, recording a Profit Before Tax (PBT) of N105.8 billion, representing an impressive growth of 167.8per cent compared to N39.5 billion in Q1 2024.

The bank’s unaudited financial statements, released on the Nigerian Exchange (NGX) on recently highlight a substantial increase in Gross Earnings, which rose to N315.4 billion, marking a year-on-year (YoY) growth of 64.2per cent from N192.1 billion in the same period last year.

Growth in interest income was primarily led by 38.6 per cent YoY (7.4 per cent 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.

Commenting on the bank’s performance, Managing Director/Chief Executive Officer of Fidelity Bank, Dr. Nneka Onyeali-Ikpe,in a statement 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 growing by 11.1per cent YTD to N6.6trilliion from N5.9trillion in December 2024, driven by 10.6per cent YTD growth in low-cost deposits to N6.1trillion, which represents 92.2per cent of total customer deposits. Local currency deposits increased by 2.0per cent YtD, while foreign currency deposits increased by 21.4per cent from $1.9billion in December 2024 to $2.3billion.

Net Loans and Advances increased by five per cent YTD to N4.6trillion. The growth in the bank’s Loan Book was skewed to LCY Loans as cost of risk declined to 0.69 per cent from 1.5per cent in 2024FY.

“Beginning the year with such positive momentum reinforces our commitment to supporting the growth of individuals and businesses, while enhancing our financial sustainability. As we go into the rest of the year, we remain focused on building a resilient banking franchise with a diversified earnings base,” Onyeali-Ikpe added.

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