Fidelity Bank Plc says it generated N105.8 billion as its profit before tax (PTB) for the first quarter of 2025.
This represents a growth of 167.8 per cent compared to N39.5 billion in same period of 2024.
The bank disclosed this in its unaudited financial statements released on the Nigerian Exchange.
The company’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.
Commenting on the bank’s performance, Dr Nneka Onyeali-Ikpe, Chief Executive Officer of Fidelity Bank Plc, 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.”
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.
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.
“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 said.
The bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Ltd. (NAN)
