Fidelity Bank records N92.4 billion Q1 2026 profit

Fidelity Bank Plc has released its Q1 2026 results, posting a pretax profit of N92.4 billion, a 12.57% decline from the N105.7 billion recorded in Q1 2025.

The bank’s earnings were largely supported by strong interest income, which climbed to N314.4 billion from N256.1 billion, driven mainly by loans and advances to customers, contributing N198.6 billion.

Despite solid top-line growth, rising interest expenses weighed on earnings, with costs climbing to N172.5 billion from N90.6 billion recorded in the corresponding period of 2025.

However, the balance sheet showed more strength, as customer deposits increased to N7.3 trillion from N6.8 trillion, while retained earnings rose 42.93% year-on-year to N247.9 billion, supporting expectations for stronger shareholder returns.

Key highlights (Q1 2026 vs Q1 2025)

Gross earnings: N434.9 billion, up 37.89% YoY

Interest income: N314.4 billion, up 22.79% YoY

Net interest income: N180.7 billion vs N190.8 billion

Fees and commission income: N33.2 billion, up 39.69% YoY

Foreign currency revaluation gains: N47.9 billion, up 388% YoY

Pretax profit: N92.4 billion vs N105.7 billion

Post-tax profit: N74.4 billion vs N91.1 billion

Retained earnings: N247.9 billion, up 42.93% YoY

Driving the numbers

A closer look at Fidelity Bank Plc’s Q1 2026 results shows gross earnings climbed to N434.9 billion, compared to N315.4 billion recorded in the corresponding period of 2025.

Interest income of N314.4 billion was largely driven by loans and advances to customers at N198.6 billion, followed by treasury bills and investment securities contributing N96.3 billion.
Placements and short-term funds contributed N19.1 billion to interest income, while advances under finance lease added N438 million during the quarter.

Despite the strong interest income growth, rising interest expenses of N172.5 billion reduced net interest income to N180.7 billion, down from N190.8 billion recorded in Q1 2025.

After accounting for credit loss expenses of N29.2 billion, the bank’s net interest income settled at N151.5 billion for the quarter.

On the non-interest side, fees and commission income rose to N33.2 billion from N23.8 billion, while foreign exchange revaluation gains surged to N47.9 billion from N9.8 billion.

Following operating expenses and tax charges, bottom-line profitability settled at a post-tax profit of N74.4 billion, lower than the N91.1 billion recorded in the prior year.

Balance sheet

On the balance sheet, total assets increased to N11.3 trillion from N10.4 trillion in 2025, with loans and advances to customers of N4.6 trillion remaining the largest contributor.

On the liabilities side, customer deposits stood as the largest obligation at N7.3 trillion, up 7.11% year-on-year, while total liabilities rose to N9.9 trillion from N9.3 trillion.

Total equity also strengthened, rising to N1.3 trillion, supported by retained earnings of N247.9 billion, which grew 42.93% year-on-year.