Fidelity Bank Plc has reported a 46 percent rise in its gross earnings for the half-year ended June 30, 2025, supported by significant growth in interest income and substantial foreign currency revaluation gains
According to the bank’s financial statement on the Nigerian exchange group, Fidelity’s gross earnings rose to N748.7 billion in H1’25 from N512.9 billion in the same period of 2024.
The bank’s earnings momentum was anchored by an expansion in interest and similar income, which increased to N557.9 billion, compared with N363.9 billion recorded a year earlier.
Additional interest income of N101.8 billion brought the total interest-related income to N659.7 billion, helping push net interest income to N420.4 billion, up from N326.4 billion in the previous year.
After accounting for credit loss charges of N13.66 billion, net interest income stood at N406.8 billion, a significant improvement over the N290.5 billion reported in June 2024.
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Non-interest income also contributed to the bank’s top-line performance, buoyed by foreign currency revaluation gains, which rose sharply to N33.6 billion, compared with N3.4 billion in the corresponding period of the prior year.
Fee and commission income increased to N53.35 billion, while commission expenses rose to N6.32 billion. The bank, however, recorded a loss of N59.8 billion on derivative financial instruments, contrasting with a gain of N34.2 billion reported in June 2024.
Operating expenses increased during the period, reflecting higher personnel, administrative, and depreciation charges. Personnel expenses rose to N40.9 billion, up from N26.75 billion, while depreciation and amortisation increased to N9.2 billion, compared with N4.65 billion in the prior period.
Other operating expenses also climbed to N200.1 billion from N128.6 billion. These cost pressures contributed to a reduction in profit before tax, which stood at N180.5 billion, down from N200.9 billion recorded in June 2024.
The impact of higher tax charges—comprising an income tax of N45.38 billion and a windfall levy of N2.83 billion further reduced profitability, resulting in a profit after tax of N132.3 billion, compared with N159.8 billion in the corresponding period of the previous year.
Fidelity Bank’s balance sheet expanded during the period, with total assets rising to N10.05 trillion, up from N8.82 trillion as of December 2024. The growth was led by an increase in cash and cash equivalents to N1.35 trillion, compared with N707.45 billion, and an expansion in loans and advances to customers, which rose to N4.85 trillion from the N4.39 trillion reported at the end of 2024. Customer deposits also strengthened, increasing to N7.20 trillion from N5.94 trillion over the same period.
The bank’s equity position improved to N975.64 billion, from N897.87 billion, supported by retained earnings and fair value gains recorded during the period. The financial statements also show that the bank maintained capital through various regulatory reserves, including a non-distributable regulatory reserve of N459.1 billion and statutory reserves of N127.85 billion.
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Cash flow figures indicate stronger liquidity, reflected in the rise in cash and cash equivalents, with balances with banks and the central bank contributing N1.35 trillion as of June 2025.