Fidelity Bank Shareholders Commend Strong Performance, Capital Base

Shareholders of Fidelity Bank Plc have commended the Board and Management of the bank for strengthening its capital base, improving asset quality and sustaining strong earnings growth despite prevailing economic challenges.

The commendation came at the bank’s 38th Annual General Meeting (AGM), held virtually on Friday, October 9, 2026, where shareholders reviewed the institution’s financial performance for the year ended December 31, 2025, and expressed confidence in its strategic direction.

The shareholders highlighted the bank’s improved risk management indicators, successful capital-raising exercise and substantial growth in gross earnings as evidence of its resilience and capacity to create sustainable value for investors.

Speaking at the meeting, Bisi Bakare, National Coordinator of the Pragmatic Shareholders Association of Nigeria, described the bank’s financial indicators as encouraging, particularly its non-performing loan (NPL) ratio of 2.4 per cent and capital adequacy ratio of approximately 16.1 per cent.

Bakare noted that the bank’s performance, supported by a growing customer base and improved capital position, provided shareholders with reasons to maintain confidence in its leadership.

“The figures demonstrate that the Bank remains strong. With a non-performing loan ratio of 2.4 per cent, a customer base of 16 million and a capital adequacy ratio of 16.1 per cent, shareholders have reasons to support the Board and Management,” he said.

Similarly, Boniface Okezie, Chairman of the Progressive Shareholders Association, commended the Board and Management for completing the bank’s capital-raising exercise, which positioned it above the new minimum capital requirement for commercial banks with international authorisation.

According to Okezie, the successful exercise has strengthened the bank’s financial foundation and improved shareholders’ confidence in its ability to sustain growth and deliver long-term returns.

“We commend the Board and Management for the successful capital-raising exercise. This gives us greater confidence in the future of the Bank and its capacity to deliver sustainable value to shareholders,” he said.

Fidelity Bank completed a N227.05 billion private placement in December 2025, raising its eligible capital from N305.5 billion to N532.6 billion. The exercise placed the bank above the Central Bank of Nigeria’s N500 billion minimum capital requirement for commercial banks with international authorisation.

The recapitalisation exercise formed a significant part of the bank’s efforts to strengthen its balance sheet, expand its capacity to support customers and position itself to take advantage of opportunities in Nigeria’s financial services sector.

Presenting the bank’s performance, its Board Chairman, Mrs Amaka Onwughalu, said the institution remained committed to building a stronger, more agile and sustainable organisation capable of delivering lasting value to shareholders and other stakeholders.

She explained that the bank’s long-term strategy was anchored on trust, innovation, responsible business practices and shared progress, with an emphasis on building an institution capable of adapting to changing market conditions.

“At Fidelity Bank, we are building for the long term by creating lasting value through trust, innovation and shared progress. Guided by purpose and responsibility, we are building a stronger, more agile and more sustainable institution, one designed to thrive through change and deliver enduring impact for generations,” Onwughalu said.

Gross Earnings Rise To N1.52 Trillion

The bank’s audited financial statements for 2025 showed a substantial increase in earnings, with gross earnings rising by 45.6 per cent to N1.52 trillion from N1.04 trillion recorded in the preceding year.

Profit before tax stood at N347.7 billion, while profit after tax amounted to N242.4 billion, reflecting the bank’s ability to generate earnings amid a challenging operating environment characterised by economic adjustments, changing market conditions and heightened expectations for financial institutions.

The growth in gross earnings underscored the scale of the bank’s business operations and its capacity to generate income across its activities, although sustained profitability will also depend on effective cost management, asset quality and the ability to maintain business growth.

Beyond earnings, Fidelity Bank recorded improvements in key asset-quality indicators, with its non-performing loan ratio declining to 2.4 per cent from 3.1 per cent in 2024.

The reduction indicates that the proportion of loans classified as non-performing fell during the reporting period, an important development for a bank seeking to protect its earnings and strengthen confidence in its lending operations.

Its loan-loss coverage ratio also increased significantly to 203.9 per cent from 138.4 per cent, suggesting a stronger provision buffer against potential losses associated with non-performing loans.

The bank’s liquidity ratio stood at 66.5 per cent, substantially above the regulatory minimum of 30 per cent, providing an indication of its liquidity position relative to the applicable regulatory benchmark.

Meanwhile, total equity rose to N1.09 trillion from N897.9 billion, further strengthening the institution’s financial position.

The combination of higher earnings, improved asset quality, stronger equity and liquidity above the regulatory minimum featured prominently in shareholders’ assessment of the bank’s performance and future prospects.

Management Reaffirms Commitment To Sustainable Growth

The Managing Director and Chief Executive Officer of Fidelity Bank, Dr Nneka Onyeali-Ikpe, said the bank’s strategy remained focused on building a resilient institution, deepening customer relationships and creating sustainable value for shareholders, employees and the communities it serves.

She explained that the bank would continue to improve the accessibility and convenience of its financial services while strengthening the institution’s capacity to respond to customers’ changing needs.

“Our focus remains on making financial services easy and accessible to our customers while building a stronger institution for shareholders, employees and the communities we serve,” Onyeali-Ikpe said.

Her remarks reflected the bank’s emphasis on customer experience, operational resilience and long-term value creation as it seeks to consolidate the gains recorded during the 2025 financial year.

For investors, sustaining the growth momentum will depend not only on the bank’s ability to expand earnings but also on its capacity to preserve asset quality, manage operating expenses, maintain adequate capital and liquidity buffers, and translate its stronger financial position into consistent shareholder returns.

The bank’s improved capital base is also expected to provide additional capacity to support lending and other banking activities, subject to prevailing regulatory requirements, credit conditions and market opportunities.

Auditors Give Unmodified Opinion

Further reinforcing the outcome of the financial review, the bank’s external auditors, Deloitte & Touche, issued an unmodified opinion on its financial statements for the year ended December 31, 2025.

The auditors stated that the consolidated and separate financial statements fairly presented the bank’s financial position, financial performance and cash flows in accordance with applicable financial reporting standards and Nigerian laws.

An unmodified audit opinion indicates that the auditors did not consider it necessary to qualify their opinion on the financial statements, although it does not constitute a guarantee of future financial performance.

At the AGM, shareholders received and considered the audited financial statements, alongside reports from the Directors, External Auditors, Statutory Audit Committee and Independent Board Appraisal Consultants.

The reports provided the basis for shareholders to review the bank’s financial position, governance arrangements and performance during the reporting year.

Shareholders Consider Board And Governance Matters

The meeting also considered changes to the composition of the bank’s Board, including the election of Dr Jonathan Ososuakpor as a Non-Executive Director and the re-election of Mrs Amaka Onwughalu as a Non-Executive Director.

Shareholders also noted the retirement by rotation of Chief Nelson Nweke as a Non-Executive Director.

Other matters considered at the meeting included authorising the Directors to determine the remuneration of the external auditors for the 2026 financial year, disclosure of the remuneration of the bank’s managers and the election of members of the Statutory Audit Committee.

The resolutions and governance matters formed part of the shareholders’ oversight of the institution and its management, particularly as the bank consolidates its capital position and seeks to sustain business expansion.

At the conclusion of the meeting, shareholders urged the Board and Management to maintain the momentum, strengthen the bank’s competitiveness and continue improving returns to investors.

Expanding Customer Reach

Fidelity Bank is a commercial deposit money bank serving customers through its digital banking platforms and physical business offices in Nigeria, as well as its United Kingdom subsidiary, FidBank UK Limited.

The bank has reported a customer base exceeding 10 million in its corporate profile, while shareholders at the AGM cited a figure of 16 million. The difference between the two figures was not reconciled in the information provided for the meeting, and the applicable reporting dates and customer definitions would be necessary to establish a direct comparison.

Its distribution network, digital banking services and international presence form part of its strategy to expand access to financial services and support retail, small-business and corporate customers.

The institution has also received several local and international recognitions for its banking services and support for businesses, including the Development Bank of Nigeria’s 2025 Innovation Award for MSME support.

Other recognitions cited by the bank include awards for retail and SME banking, export and trade finance, innovation, private banking, SME support, straight-through processing and community empowerment.

These recognitions reflect the range of activities for which the bank has received industry attention, although its long-term performance will ultimately be assessed through financial results, customer experience, governance and its ability to sustain growth.

With its recapitalisation completed and key financial indicators showing improvements in earnings, asset quality and liquidity, Fidelity Bank enters the next phase of its operations with a stronger capital base.

The challenge for its Board and Management will be to convert that financial strength into sustainable business expansion, prudent lending, improved services and consistent value for shareholders in an increasingly competitive banking industry.