Fidelity Bank Plc kicked off 2025 with strong financial results, reporting gross earnings of N315.4 billion for the first quarter ending March 31, 2025. This marks a robust 64.2% increase compared to the N192.1 billion recorded in the same period last year.
According to the bank’s unaudited financial report filed with the Nigerian Exchange, the growth was driven by higher interest income, gains from foreign currency revaluation, and increased fee and commission revenue. Interest income surged by 58.1% to N256.1 billion, while other interest earnings reached N25.4 billion, up from N8.2 billion in Q1 2024.
Despite rising interest expenses, which climbed 28.5% to N90.7 billion, Fidelity Bank’s net interest income grew by 91.5% to N190.8 billion. The bank also recorded a sharp drop in credit loss expenses, cutting them by nearly half to N6.3 billion, which helped lift net interest income after provisions to N184.5 billion.
Non-interest income also saw gains, with fees and commissions rising to N23.8 billion. Foreign currency revaluation gains contributed N9.8 billion, a 200% jump from last year.
While operating expenses grew — personnel costs rose to N19.7 billion and other expenses to N87.5 billion — Fidelity Bank still posted a pre-tax profit of N105.8 billion, nearly tripling its N39.5 billion profit from a year ago. After taxes, net profit stood at N91.1 billion, reflecting a 190% year-on-year increase.
Earnings per share also improved, rising to 181 kobo from 98 kobo in Q1 2024. The bank’s total comprehensive income reached N101.6 billion, boosted by foreign exchange gains and debt revaluations.
The results signal Fidelity Bank’s strong start to the year, with notable improvements across key financial indicators despite cost pressures.
