Fidelity Bank Posts N180.5 Billion Profit in H1 2025 Despite Rising Costs

Fidelity Bank Plc has released its unaudited half-year results, posting a pretax profit of ₦180.5 billion, according to a recent filing on the Nigerian Exchange (NGX). This represents a 10.13% decline from the ₦200.8 billion recorded in the first half of 2024, despite stronger revenue growth.

The decline was largely driven by rising operating expenses, which offset gains in both interest and non-interest income. Key highlights include:

• Interest income: ₦557.9 billion, +53.3% YoY

• Net interest income: ₦420.4 billion, +28.8% YoY

• Net interest income after impairments: ₦406.7 billion, +40.0% YoY

• Fee and commission income: ₦53.3 billion, +52.2% YoY

• Foreign currency revaluation gains: ₦33.6 billion, +882.4% YoY

• Other operating expenses: ₦200 billion, +55.6% YoY

• Pretax profit: ₦180.5 billion, -10.13% YoY

• Post-tax profit: ₦132.3 billion, -17.22% YoY

• Total assets: ₦10 trillion, +13.94% YoY

Revenue growth highlights
Fidelity Bank’s top line showed strong momentum, with interest income rising to ₦557.9 billion from ₦363.9 billion in H1 2024. Loans and advances accounted for ₦403.4 billion, while treasury bills and investment securities contributed ₦147.9 billion. Other interest and similar income amounted to ₦101.7 billion, slightly below last year’s ₦109.2 billion.

Despite interest expenses of ₦239.2 billion, net interest income reached ₦420.4 billion, up 28.8% YoY. After credit loss provisions of ₦13.6 billion, net interest income stood at ₦406.7 billion, a 40% YoY increase.

Rising costs weigh on profits
On the non-interest side, fee and commission income grew by 52.2% to ₦53.3 billion, and foreign currency revaluation gains soared to ₦33.6 billion, compared to ₦3.4 billion in H1 2024.

However, these gains were offset by rising expenses. A derivative gain of ₦34.2 billion in H1 2024 became a ₦59.7 billion loss in H1 2025. Personnel expenses rose sharply to ₦40.9 billion from ₦26.7 billion, while other operating costs jumped 55.6% to ₦200 billion. Key contributors included:

• Banking sector resolution costs: ₦50.9 billion

• Legal expenses: ₦30 billion

• Marketing expenses: ₦28.9 billion

• IT expenses: ₦27 billion

As a result, pretax profit declined 10.13% to ₦180.5 billion, and post-tax profit fell 17.22% to ₦132.3 billion, though the bank remained profitable.

Balance sheet overview
Total assets rose 13.94% YoY to ₦10 trillion, with loans and advances comprising the largest portion at ₦4.8 trillion. Total liabilities increased to ₦9.07 trillion, driven primarily by customer deposits of ₦7.2 trillion.

Total equity grew 8.66% to ₦975.6 billion, with the regulatory reserve contributing ₦459.1 billion. The bank, however, reported a retained loss of ₦74.1 billion, down from a gain of ₦185.2 billion in H1 2024.

As of 13 November 2025, Fidelity Bank’s stock has gained 8.86% year-to-date, trading at ₦19.