Global credit rating agency Fitch Ratings has upgraded Fidelity Bank Plc's National Long-Term Rating to 'A+(nga)' from 'A(nga)' while affirming its Long-Term Issuer Default Rating (IDR) at 'B'. The announcement, made on May 29, 2025, signals growing confidence in the bank's financial stability and operational performance.
According to Fitch, the upgrade reflects Fidelity Bank's strengthened capital buffers and improved profitability, driven primarily by higher interest income and a stable base of low-cost current and savings deposits.
The rating agency highlighted the bank's successful capital raising efforts through a rights issue and public offer as key factors contributing to the upgrade. These initiatives have significantly bolstered the bank's financial position amid Nigeria's challenging macroeconomic environment.
Responding to the announcement, Dr. Nneka Onyeali-Ikpe, Managing Director/CEO of Fidelity Bank, 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."
She added, "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."
Robust Capitalization Drives Upgrade
A standout factor in the improved rating is Fidelity Bank's robust capitalization. Fitch reports that the bank's Fitch Core Capital (FCC) ratio rose to 29.9% at the end of 2024, significantly exceeding regulatory requirements.
The rating 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 set by Nigeria's banking regulators.
As Nigeria's sixth-largest bank, Fidelity commands approximately 5% of total banking sector assets. Its 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.
Recent Achievements
The bank has garnered several accolades recently, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions Awards, the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and recognition as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence.
Fidelity Bank currently serves over 9.1 million customers through its digital banking channels, 255 business offices across Nigeria, and its United Kingdom subsidiary, FidBank UK Limited.
The affirmation and upgrade by Fitch are expected to enhance investor confidence and support Fidelity's continued expansion both locally and internationally, particularly as the bank reported a 210% growth in Profit Before Tax to N385.2 billion for the 2024 financial year.
