One of Nigeria’s leading commercial banks, Fidelity Bank Plc has recorded a 46 per cent rise in its gross earnings for the Half year period to N748.71bn, compared to N512.86bn in the corresponding period last year.
According to the financial report for the period ended 30 June 2025 filed on the Nigerian Exchange Limited by Fedelity Bank, the bank suffered a 17.22 per cent decline in profit for the period, which stood at N132.31bn as of June 2025, down from N159.83bn in the same period last year.
This was driven by a derivative loss valued at N59.78bn, coupled with a rise in personnel expenses, depreciation, amortisation impairment, and other operating costs. The loss was further exacerbated by a N2.83bn windfall tax for the half-year and an income tax expense of N45.38bn.
According to the statement from the bank, Net Interest Income rose to N420.4bn, compared to N326.4bn in H1 2024. Customer deposits grew to N7.2tn, from N5.9tn in FY 2024, while Net Revenue increased to N444.4bn, up from N396.8bn in H1 2024.
The bank’s loan book also expanded, with Net Loans and Advances rising to N4.9tn, from N4.4tn in FY 2024, reflecting increased support for businesses and individuals. Asset quality remained stable, with non-performing loans well within acceptable limits.
The Punch report on Monday said that Fidelity Bank was among the first to raise fresh funds from the capital market following the recapitalisation directive of the Central Bank of Nigeria. Its N127.1bn combined public offer and rights issue was oversubscribed.
It added that in May, Fitch Ratings affirmed Fidelity Bank Plc’s Long-Term Issuer Default Rating at ‘B’ and upgraded its National Long-Term Rating to ‘A+(nga)’ from ‘A(nga)’. Both outlooks on the long-term ratings are stable.
Fitch stated that the upgrade reflected “Fidelity’s strengthening capital buffers as a result of last year’s rights issue and public offer, alongside stronger internal capital generation. This is underpinned by a sharp improvement in profitability metrics since 2022, as the bank benefits from higher rates due to its heavy reliance on low-cost current and savings accounts.”
GIK/APA