Fidelity Bank posts N105.8bn profit in Q1 2025

Fidelity Bank Plc says it generated N105.8 billion as its profit before tax (PTB) in the first quarter of 2025.

This represents a growth of 167.8 per cent compared to N39.5 billion generated in the first quarter of 2024.

Fidelity Bank disclosed this in its unaudited financial statement released on Sunday, May 11, 2025.

The bank’s gross earnings also rose to N315.4 billion, marking a year-on-year growth of 64.2 per cent from N192.1 billion in the same period last year.

Growth in interest income was primarily led by 38.6 per cent year-on-year (7.4 per cent year-to-date) expansion in earning assets base.

Growth in non-interest revenue came from FX-related income, trade and commission on banking services and more, supported by increased customer transactions.

Other areas of the unaudited financial statements, equally show a marked improvement with the total deposits growing by 11.1 per cent (year-to-date) to N6.6 trillion from N5.9 trillion in December 2024.

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This was driven by 10.6 per cent (year-to-date) growth in low-cost deposits to N6.1 trillion, which represents 92.2 per cent of total customer deposits.

Local currency deposits increased by 2.0 per cent year-to-date, while foreign currency deposits increased by 21.4 per cent from $1.9 billion in December 2024 to $2.3 billion.

Net loans and advances increased by 5.0 per cent (year-to-date) to N4.6 trillion.

The growth in the bank’s Loan Book was skewed to LCY Loans as cost of risk declined to 0.6 per cent from 1.5 per cent in 2024 financial year.

Speaking on the bank’s performance, Chief Executive Officer of Fidelity Bank Plc, Dr Nneka Onyeali-Ikpe, said: “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.”

The Star