Daily Mentor News

Global credit rating agency Fitch Ratings has upgraded Fidelity Bank Plc’s National Long-Term Rating to ‘A+(nga)’ from ‘A(nga)’ and affirmed its Long-Term Issuer Default Rating (IDR) at ‘B’. The upgrade, announced on May 29, 2025, reflects the bank’s strengthened capital buffers and improved profitability, signaling continued positive momentum in its performance.

Fitch attributed the improved rating to Fidelity Bank’s successful capital raising efforts, including a rights issue and public offer, which have bolstered the bank’s capital base. The agency also highlighted the bank’s robust profitability, driven by higher interest income and a stable base of low-cost current and savings deposits.

Dr. Nneka Onyeali-Ikpe, Managing Director/CEO of Fidelity Bank, welcomed the upgrade, stating, “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.”

Fitch noted that Fidelity’s Fitch Core Capital (FCC) ratio rose to 29.9% at the end of 2024, well above regulatory requirements. The bank’s strong capitalization is expected to help it meet the ₦500 billion minimum capital requirement for internationally licensed banks by the 2025 deadline.

Fidelity Bank, Nigeria’s sixth-largest bank, commands about 5% of the country’s total banking sector assets and serves over 9.1 million customers through digital channels and 255 business offices in Nigeria and the UK. The bank has recently received several industry awards, including recognition for digital transformation, SME banking, and export financing.

The upgraded rating is expected to enhance investor confidence and support Fidelity Bank’s continued local and international expansion.