Wednesday, October 29, 2025
24.3 C
Lagos

Fitch Upgrades Fidelity Bank’s National Rating to ‘A+(nga)’, Affirms Long-Term IDR at ‘B’

Global credit rating agency, Fitch Ratings, has affirmed Fidelity Bank Plc’s Long-Term Issuer Default Rating (IDR) at ‘B’ and upgraded its National Long-Term Rating to ‘A+(nga)’ from ‘A(nga)’.

The upgrade, announced on May 29, 2025, reflects the bank’s strengthened capital buffers and improved profitability, signaling continued positive momentum in its performance.

According to Fitch, the rating upgrade is underpinned by Fidelity Bank’s successful capital raise through a rights issue and public offer, as well as a notable improvement in profitability—driven by higher interest income and a stable base of low-cost current and savings deposits.

Commenting on the announcement, Managing Director/CEO of Fidelity Bank, Dr. Nneka Onyeali-Ikpe, said:

“This upgrade by Fitch Ratings affirms the resilience of our business model, the strength of our risk management practices, and our unwavering focus on delivering sustainable value to stakeholders. Despite a challenging macroeconomic environment, we have continued to maintain strong asset quality, solid profitability, and ample liquidity. This recognition reinforces our position as one of Nigeria’s most resilient and customer-focused financial institutions.”

One of the key drivers of the improved rating is the bank’s robust capitalisation. Fitch reports that Fidelity’s Fitch Core Capital (FCC) ratio rose to 29.9% at the end of 2024—well above the regulatory minimum. The agency also noted that further capital raising efforts are expected to position the bank to meet the ₦500 billion minimum capital requirement for internationally licensed banks before the 2025 deadline.

Fidelity Bank’s market positioning remains strong. As Nigeria’s sixth-largest bank, it commands approximately 5% of total banking sector assets. The bank’s balance sheet is reinforced by a high proportion of low-cost deposits, which accounted for 93% of total deposits as of year-end 2024—among the highest in the Nigerian banking industry.

The affirmation and upgrade by Fitch is expected to enhance investor confidence and support Fidelity’s continued efforts to scale its operations both locally and internationally.

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.

Additionally, the Bank was recognised as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.

spot_img
spot_img
spot_img

Hot this week

Polaris Bank Restates Support for SMEs Growth in Nigeria with Launch of ‘EveryDay Supermarket’ Yenegoa Branch

Polaris Bank has reaffirmed its commitment to supporting small...

LASAA Staff Faces Sanctions for Policy Breach after Viral Allegation, Cleared of Fraud

The Lagos State Signage and Advertisement Agency (LASAA) has...

NGX Group Fuels Women’s Investment Drive, Engages 9,000 at FinTribe Finance Fair 2025

Nigerian Exchange Group (NGX Group), through its regulatory subsidiary,...

BOI, MAN, NECA CEOs to Address Low Productivity in Nigeria at WES 2025

  *As nominations portal closes for WES 2025 Awards for Outstanding Economic Impacts All...

Stanbic IBTC Bank Rewards 78 Savers with ₦16m in 6th Monthly, 2nd Quarterly Draws

Stanbic IBTC Bank remains committed to putting smiles on...

Topics

Naira Redesign, Queues and the Quest for a New Nigeria

  By Elvis Eromosele The amount of queueing Nigerians have been...

FNITCC Atlanta: Fidelity Bank to Spotlight Fintech’s Role in U.S. – Africa Trade

  Tier-one lender Fidelity Bank Plc will host a high-profile...

P+ Measurement Services Wins 6 Awards in 2022…LaPRIGA, Brandcom, Others

P+ Measurement Services, Nigeria’s leading Independent Public Relations measurement...

Interswitch Bags Linkedin Sub-Saharan Africa Rising Star Award

Interswitch Group has been recognised as the inaugural winner...

Verve Launches ‘Live the Good Life Campaign’

  Verve, the largest domestic card scheme in Africa, recently...

High Cost: Major Reason for Poor Protein Consumption in Nigeria – Report

  High cost has been identified as a major disincentive...

IWD 2024 at AIICO: A Day of Career Guidance, Creative Expression, Entrepreneurial Empowerment 

   A Cross-section of AIICO Women participating in the 'Paint...

NNPC Launches Free Cancer Screening Campaign, Targets 3,000 Nigerians

The Nigerian National Petroleum Company Limited (NNPC) through NNPC...
spot_img

Related Articles

Popular Categories

spot_imgspot_img