Fidelity Bank Plc has released its unaudited half-year results, reporting a pretax profit of N180.5 billion, according to a recent filing on the NGX.
This marks a decline from the N200.8 billion posted in the first half of 2024, despite stronger top-line performance.
A closer look reveals that the dip was driven by rising operating expenses, which offset the bank’s solid growth in both interest and non-interest income.
Key highlights:
- Interest income: N557.9 billion, +53.29% YoY
- Net interest income: N420.4 billion, +28.80% YoY
- Net interest income after impairment: N406.7 billion, +40.03% YoY
- Fee and commission income: N53.3 billion, +52.20% YoY
- Foreign currency revaluation gains: N33.6 billion, +882.42% YoY
- Other operating expenses: N200 billion, +55.60% YoY
- Pretax profit: N180.5 billion, -10.13% YoY
- Post-tax profit: N132.3 billion, -17.22% YoY
- Total Assets: N10 trillion,+13.94% YoY
Driving numbers
Fidelity Bank’s top line showed strong momentum, with interest income rising to N557.9 billion, compared to N363.9 billion in H1 2024.
- Loans and advances to customers made up the bulk of this amount at N403.4 billion, followed by treasury bills and other investment securities, which cumulatively stood at N147.9 billion. Other items accounted for the remaining balance.
The bank also reported other interest and similar income of N101.7 billion, slightly lower than the N109.2 billion recorded in H1 2024.
- Despite interest expenses of N239.2 billion, net interest income settled at N420.4 billion, up 28.80% YoY.
- After accounting for credit loss expenses of N13.6 billion, net interest income stood at N406.7 billion, a 40% YoY increase.
Costs bite into earnings
On the non-interest side, fees and commission income grew by 52.20% to N53.3 billion, while foreign currency revaluation gains surged to N33.6 billion, compared to N3.4 billion in the same period of 2024.
However, these strong performances were offset by rising operating costs.
- A derivative gain of N34.2 billion in H1 2024 turned into a loss of N59.7 billion in H1 2025.
- Personnel expenses also increased sharply to N40.9 billion, up from N26.7 billion.
- The largest pressure point came from other operating expenses, which spiked to N200 billion, up 55.60% YoY.
Major contributors included:
- Banking sector resolution cost: N50.9 billion
- Legal expenses: N30 billion
- Marketing expenses: N28.9 billion
- Computer expenses: N27 billion
As a result, pretax profit slipped by 10.13% to N180.5 billion, while post-tax profit declined by 17.22% to N132.3 billion.
Despite the drop, the bank is profitable for the half year.
Balance sheet
On the balance sheet, total assets rose to N10 trillion, up 13.94%, with loans and advances to customers contributing the largest share at N4.8 trillion.
Total liabilities also increased, climbing to N9.07 trillion from N7.9 trillion in H1 2024. Customer deposits accounted for the bulk of this at N7.2 trillion.
On the equity side, total equity stood at N975.6 billion, up 8.66%, with the non-distributable regulatory reserve contributing the largest portion at N459.1 billion.
- However, the bank reported a retained loss of N74.1 billion, down from a gain of N185.2 billion in 2024.
As of the close of trading on 13 November 2025, the stock has returned 8.86% year-to-date and is currently priced at N19.
