Prime Business AfricaFidelity Bank’s gross earnings increased by 64.20 percent quarter-on-quarter to N315.42 billion in the first quarter (Q1) of 2025, from N192.08 billion generated in the same period in 2024.
The company’s turnover was driven largely by interest income, which grew to N281.46 billion, indicating a 65.43 percent increase compared to the N170.13 billion recorded in Q1 last year.
Join our WhatsApp ChannelHowever, according to the lender’s financial statements for the period ended March 31, 2025, interest expenses on deposits and borrowed funds increased by 28.58 percent from N70.50 billion to N90.65 billion.
After accounting for interest income and expenses, Fidelity Bank reported a net interest income of N190.81 billion in Q1 2025, a 91.51 percent increase from N99.63 billion recorded in the same period in 2024.
Fidelity Bank also reported N9.83 billion foreign currency revaluation gains in the first quarter of this year, up by 200.76 percent from N3.27 billion generated in the same period the previous year.
This contributed to the lender recording a 167.79 percent increase in its profit before tax (PBT), which rose from N39.49 billion to N105.77 billion.
However, a chunk of the PBT went to income tax, which increased by 82.05 percent to N14.66 billion during the reviewed period, from the N8.05 billion charged by the government as tax in the corresponding period in 2024.
At the end of the quarter in 2025, Fidelity Bank was left wth N91.10 billion profit after tax (PAT), compared to the N31,44 billion recorded in the same period last year – indicating an increase of 189.75 percent.
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