Fidelity Bank PLC has released its audited group financial results for the full year ended December 31, 2025, reporting profit before tax of N347.662 billion compared to the N385.215 billion in 2024.

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The lender’s audited results showed strong growth in core banking income lines, particularly interest income, fees and commissions, and foreign currency revaluation gains.

Gross earnings rose to N1.52 trillion in 2025 from N1.04 trillion in 2024, supported by higher earnings from loans, investment securities, and digital banking channels.

Key Highlights (2025 vs 2024) 

  • Gross earnings: N1.520 trillion; +45.65% YoY
  • Interest income: N1.299 trillion; +36.60% YoY
  • Interest expenses: N467.173 billion; +45.62% YoY
  • Net interest income: N831.352 billion; +31.99% YoY
  • Credit loss expense: N21.611 billion; -61.71% YoY
  • Net interest income after credit loss expense: N809.742 billion; +41.24% YoY
  • Net fee and commission income: N93.493 billion; +33.01% YoY
  • Foreign currency revaluation gains: N99.575 billion; +749.89% YoY
  • Earnings per share: N5.80; -11.04% YoY
  • Loans and advances to customers: N4.282 trillion; -2.40% YoY
  • Customers’ deposits: N6.891 trillion; +16.07% YoY
  • Total assets: N10.464 trillion; +18.61% YoY
  • Retained earnings: N173.461 billion; -6.37% YoY
  • Shareholders’ funds: N1.088 trillion; +21.13% YoY

What is driving the numbers 

Fidelity Bank’s gross earnings growth in 2025 was largely driven by higher interest income and stronger non-interest revenue streams.

Interest income rose to N1.299 trillion from N950.588 billion in 2024, supported mainly by:

  • Earnings from loans and advances to customers, which contributed N813.25 billion or 63% to interest income, grew by 29.85% YoY in 2025.
  • Income from treasury bills and investment securities also contributed N259.3 billion to total interest income during the year.
  • The bank also benefited from improved earnings on placements and short-term funds, which rose by 247% YoY to N40.47 billion during the year, driven by over 87% increase in cash and cash equivalents to N1.32 trillion.

The composition of the interest income appears to mirror the investment outlet. Although loans and advances declined by 2.4% to N4.28 trillion, it still accounts for about 41% of the group’s total assets of N10.46 trillion.

  • This is far higher than the bank’s investment in securities, which increased by 45% to N2.6 trillion.

 Interest expenses:

On the cost side, interest expense grew by 46% YoY; from N320.818 billion in 2024 to N467.173 billion in 2025, driven by interest expenses on customers’ deposits

  • Deposit from customers expanded by 16% to N6.891 trillion.  This accounts for over 66% of the group’s balance sheet.

Loan loss provision:  

The group’s impairment charge declined by 62% to N21.611 billion. This contributed to the 42% YoY increase in net interest income after impairment to N809.742 billion in 2025.

Non-interest income 

Non-interest income also increased and contributed significantly to gross earnings. Net fee and commission income increased to N93.49 billion from N70.31 billion in the prior year, driven by growth in letters of credit commissions, account maintenance charges, e-banking income, and credit-related fees. Retail banking remained the largest contributor to fees and commissions.

  • Foreign currency revaluation gains surged to N99.58 billion compared to N11.72 billion in 2024.
  • Combined with the net fee and commission and other income brought the bank’s net non-interest income to N205 billion; up 139.84% from the previous year.

Despite the strong interest and non-interest income, profitability declined marginally on elevated operating costs and derivative losses.

  • Operating expenses, including personnel costs, depreciation/amortization and other operating expenses grew by 34% YoY to N443.331 billion
  • Derivative losses stood at N223.79 billion compared to gains of N57.88 billion in 2024.

Balance sheet 

On the balance sheet side, customer deposits grew strongly to N6.89 trillion and continued to provide the primary funding base for the bank’s operations.

Total assets rose to N10.46 trillion, supported by growth in cash balances, investment securities, and other earning assets.

Market reaction

Fidelity Bank began the year with a share price of N19.00 and has gained 15.3% year-to-date.

This increase has pushed its market capitalization above the N1 trillion mark, making it a member of the Stock Worth Over One Trillion (SWOOT) club in market capitalization.