Fidelity Bank Plc reported gross earnings of ₦315.4 billion for the first quarter ended March 31, 2025, marking a 64.2% increase from ₦192.1 billion recorded in the same period in 2024.

According to its unaudited financial statements submitted to the Nigerian Exchange Limited, the strong performance was driven by substantial growth in interest income, foreign exchange revaluation gains, and higher fee and commission income.

Interest and similar income, calculated using the effective interest rate method, rose by 58.1% to ₦256.1 billion in Q1 2025, up from ₦161.9 billion in the same period of 2024. The bank also generated ₦25.4 billion from other interest and similar income, a significant increase from ₦8.2 billion recorded in the prior year.

Although interest expense rose by 28.5% to ₦90.7 billion from ₦70.5 billion, net interest income surged by 91.5% to ₦190.8 billion, compared to ₦99.6 billion in Q1 2024.

Fidelity Bank reported a credit loss expense of ₦6.3 billion in Q1 2025, representing a 49.2% decline from ₦12.4 billion in the same period last year. As a result, net interest income after credit loss expense rose significantly to ₦184.5 billion, up from ₦87.3 billion in Q1 2024.

The bank also recorded growth in non-interest income, with fee and commission income increasing to ₦23.8 billion, compared to ₦18.3 billion in the prior-year quarter.

Foreign currency revaluation gains contributed N9.8bn to earnings, representing a 200.8 per cent increase from N3.3bn in the same period last year.

The Bank’s operating expenses remained high in the first quarter of 2025. Personnel expenses increased to ₦19.7 billion from ₦14 billion, while depreciation, amortisation, and impairment charges rose sharply to ₦8.7 billion, compared to ₦2.2 billion in the same period last year. Other operating expenses also grew significantly to ₦87.5 billion, up from ₦52 billion.

Despite rising costs, the bank delivered a strong bottom line, reporting a profit before tax of ₦105.8 billion, more than double the ₦39.5 billion recorded in Q1 2024. After accounting for a ₦14.7 billion tax charge, net profit stood at ₦91.1 billion, representing a 190% year-on-year increase from ₦31.4 billion.

Earnings per share rose to 181 kobo, up from 98 kobo in the corresponding quarter of 2024.

The bank’s total comprehensive income for Q1 2025 increased to ₦101.6 billion, compared to ₦35.8 billion in the same period last year, driven by exchange differences on the translation of foreign operations and revaluation gains on debt instruments.