Fidelity Bank Plc reported group profit after tax of ₦132.3 billion for the half year ended 30 June 2025, down from ₦159.8 billion a year earlier.
Profit before income and windfall taxes was ₦180.5 billion for the Group and ₦181.2 billion for the Bank in H1 2025.
Earnings per share fell to 264 kobo (basic and diluted) on a larger share base of 50.2 billion shares after the capital raise, versus 499 kobo on 32.0 billion shares in H1 2024.
Gross earnings rose to ₦748.7 billion, supported by higher interest income and strong fee income, lifting net interest income to ₦420.4 billion.
Net interest income after credit loss expense was ₦406.8 billion, helped by lower credit loss charge of ₦13.7 billion versus ₦35.9 billion in H1 2024.
Fidelity recorded foreign currency revaluation gains of ₦33.6 billion but also a derivative loss of ₦59.8 billion, the net effect leaving the income mix more volatile.
Customer deposits rose sharply to ₦7.204 trillion (Group) from ₦5.937 trillion at end-2024, driven by domiciliary and demand deposits.
Cash and due-from-banks balances expanded to ₦1.349 trillion in cash and cash equivalents, providing a strong liquidity buffer.
Gross loans and advances (including off-balance items) remained sizeable, with loans and advances to customers showing multi-tranche exposures and a major improvement in impairment coverage.
Allowance for credit losses fell to ₦1.347 billion from ₦7.857 billion at 31 December 2024 after reversals and write-off activity, reflecting stage movements and recoveries.
The bank completed a combined public offer and rights issue that lifted the share count to 50.2 billion units, though management still reports a capital gap of ₦194.4 billion to meet the new CBN international commercial bank threshold.
The board proposed no dividend for the period ended 30 June 2025, citing the capital strategy and regulatory capital needs.
Operating expenses rose to ₦200.1 billion, reflecting investments in staff, technology and expanded operations; personnel and general admin lines both increased.
Depreciation, amortisation and impairment nearly doubled to ₦9.2 billion, signalling asset investments and intangible amortisation from recent expansion.
Fidelity Bank delivered stronger top-line earnings and a healthier deposit base in H1 2025, but derivative losses, windfall tax and a planned equity raise left EPS and distributable earnings under pressure.
