Fidelity Bank Plc has delivered a stellar performance in Q1 2025, reporting a pre-tax profit of N107.77 billion, a 167.79% year-on-year (YoY) increase, as revealed in its unaudited financial results. This surge highlights a robust start to the year, powered by core business growth and disciplined cost management.
Gross earnings rose by 64.21% to N315.42 billion, underpinned by strong interest income and an improvement in credit quality.
Key Financial Highlights (Q1 2025 vs Q1 2024):
Interest Income: N281.47 billion (+65.44% YoY)
Interest Expense: N90.65 billion (+28.58% YoY)
Net Interest Income: N190.82 billion (+91.52% YoY)
Credit Loss Expense: N6.28 billion (–49.17% YoY)
Net Interest Income After Credit Losses: N184.53 billion (+111.45% YoY)
Fees and Commission Income: N23.82 billion (+30.10% YoY)
Fees and Commission Expense: N2.67 billion (+37.56% YoY)
Profit for the Period: N91.10 billion (+189.75% YoY)
Earnings Per Share: N1.81 (+84.69% YoY)
Loans and Advances to Customers: N4.61 trillion (+4.96%)
Customer Deposits: N6.60 trillion (+11.15%)
Cash and Cash Equivalents: N1.62 trillion (+128.90%)
Total Assets: N10.45 trillion (+18.48%)
Shareholders’ Funds: N933.14 billion (+3.39% YoY)
Drivers of Growth
Fidelity Bank’s performance was mainly fueled by interest income, which made up 89% of gross earnings. Within this, 75% came from loans and advances, while 18.31% was generated from investments in securities. Despite higher deposit rates, interest expenses remained well-managed, consuming just 32% of interest income, compared to 41.14% in the prior year.
Another strong point was the significant 49.17% decline in credit loss expense, which signals better loan performance and improved credit risk management. Net interest income after credit losses more than doubled, boosting overall profitability.
In addition, non-interest income rose, with fees and commissions climbing 30.1% YoY. While account maintenance fees dipped, commissions on travelers cheques and foreign bills grew by 57%, and letter of credit commissions increased by 23.38%.
Balance Sheet Growth and Market Performance
Fidelity Bank attracted N661.95 billion in new customer deposits, pushing total deposits to N6.60 trillion and expanding total assets by 18.48% to N10.45 trillion. The bank’s cash reserves more than doubled to N1.62 trillion, further strengthening liquidity.
Shareholders’ equity rose to N933.14 billion, reflecting strong retained earnings.
Fidelity Bank’s share price has gained 14% year-to-date, closing at N19.95 as of April 30, 2025, and currently ranks 48th on the NGX for YTD performance.
