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Fidelity Bank Grows PBT By 167.8% To N105.8 Billion In Q1 2025

Fidelity Bank Plc, one of Nigeria’s leading Tier-1 financial institutions, has announced a remarkable financial performance for the first quarter of 2025, recording a Profit Before Tax (PBT) of N105.8 billion, representing an impressive growth of 167.8% compared to N39.5 billion in Q1 2024.

 

The bank’s unaudited financial statements, released on the Nigerian Exchange (NGX) on April 30, 2025, highlight a substantial increase in Gross Earnings, which rose to N315.4 billion, marking a year-on-year growth of 64.2% from N192.1 billion in the same period last year. Growth in interest income was primarily led by 38.6% yoy (7.4% ytd) expansion in earning assets base, while the increase in non -interest revenue came from FX-related income, trade and commission on banking services, etc., supported by increased customer transactions.

 

Commenting on the bank’s performance, Dr. Nneka Onyeali-Ikpe,OON, Managing Director/Chief Executive Officer of Fidelity Bank Plc, stated, “We started the year with triple-digit growth in profit and sustained the momentum in our earning assets growth. This performance shows the resilience of our business model and reinforces our confidence in delivering a better result in the 2025 financial year.”

 

Other areas of the unaudited financial statements, equally show a marked improvement with Total Deposits growing by 11.1% ytd to N6.6tn from N5.9tn in December 2024, driven by 10.6% ytd growth in low-cost deposits to N6.1tn, which represents 92.2% of total customer deposits. Local currency deposits increased by 2.0% ytd while foreign currency deposits increased by 21.4% from $1.9bn in December 2024 to $2.3bn.

 

Net Loans and Advances increased by 5.0% ytd to N4.6tn. The growth in the bank’s Loan Book was skewed to LCY Loans as cost of risk declined to 0.6% from 1.5% in 2024FY.

 

“Beginning the year with such positive momentum reinforces our commitment to supporting the growth of individuals and businesses, while enhancing our financial sustainability. As we go into the rest of the year, we remain focused on building a resilient banking franchise with a diversified earnings base,” Onyeali-Ikpe added.

 

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 recognized 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.

MTN Invests N3.5bn In Social Investment Initiatives

MTN Nigeria Communications Plc has announced a N3.5bn investment in Corporate Social Investment initiatives in 2024, bringing its total CSI spending to N31.9bn since inception, as part of efforts to deepen environmental sustainability, digital inclusion, and socio-economic impact across the country.

The company’s Chief Corporate Services and Sustainability Officer, Tobe Okigbo, disclosed this during the “Facts About the Sustainability Report” presentation at the Nigerian Exchange Limited in Lagos on Thursday.

Okigbo said the 2024 Sustainability Report highlights the company’s commitment to creating long-term value for stakeholders by embedding environmental, social, and governance practices across its operations.

According to him, MTN Nigeria’s interventions impacted over 663,300 individuals in 2024, supported 628 small businesses, and improved educational outcomes in 62 schools across the country.

“In 2024, we invested N3.5bn in Corporate Social Investment, bringing our total investment to N31.9bn since inception. Our efforts have made a tangible impact, benefitting over 663,300 individuals, supporting 628 small businesses, and improving educational outcomes in 62 schools across Nigeria,” he stated.

In line with its environmental goals, the company deployed 194 new solar-powered rural telephony sites and launched West Africa’s first eco-friendly SIM cards to cut down on plastic waste.

On governance, MTN Nigeria became the first Nigerian company and the first within the MTN Group to receive the Compliance Management System certification from the International Accreditation Service.

Also speaking at the event, the General Manager, Risk Management at MTN Nigeria Communications Plc, Esosa Balogun, added that the company paid N764.2bn in taxes, levies, and duties to the Nigerian government in the reporting year.

“We paid N764.2 billion in income taxes, duties and levies paid to the government, up 39.1 per cent.”

As part of its leadership in transparency, MTN Nigeria became an early adopter of the International Financial Reporting Sustainability Disclosure Standards ahead of the mandatory date set by the Financial Reporting Council of Nigeria. It also joined the ISSB’s Transition Implementation Group and the FRC’s Adoption Readiness Working Group.

Balogun stated that MTN Nigeria’s commitment to sustainability extends beyond business operations and includes active engagement with local communities through programmes such as “What Can We Do Together?”, which enables Nigerians to propose and implement development projects within their communities.

“Through stakeholder forums, grievance mechanisms, and independent impact assessments, we maintain transparency, measure effectiveness, and ensure long-term sustainability,” he said.

Additionally, MTN Nigeria maintained a 93 per cent network coverage rate and reported over 2.8 million active MoMo wallets in 2024. It also reported that 59.6 per cent of its procurement spending was on local suppliers.

In his remarks, the Chief Executive Officer of the Nigerian Exchange Limited, Jude Chiemeka, emphasized that sustainability has now evolved from a corporate responsibility add-on to a core business imperative.

He stressed that sustainability challenges continue to reshape global priorities, making Environmental, Social, and Governance factors essential to investment decisions.

“As business leaders, regulators, and educators, we share the responsibility to drive transformation. By working together, we can build a capital market that not only attracts investment but also supports societal progress and protects the environment,” the CEO stated.

He further highlighted that companies integrating sustainability at the core of their operations are not only better positioned to mitigate environmental and social risks but also more capable of strengthening brand value and capitalising on the rising demand for sustainable products and services.

 

MTN Nigeria Communications Plc has announced a N3.5bn investment in Corporate Social Investment initiatives in 2024, bringing its total CSI spending to N31.9bn since inception, as part of efforts to deepen environmental sustainability, digital inclusion, and socio-economic impact across the country.

 

 

The company’s Chief Corporate Services and Sustainability Officer, Tobe Okigbo, disclosed this during the “Facts About the Sustainability Report” presentation at the Nigerian Exchange Limited in Lagos on Thursday.

 

 

Okigbo said the 2024 Sustainability Report highlights the company’s commitment to creating long-term value for stakeholders by embedding environmental, social, and governance practices across its operations.

 

 

According to him, MTN Nigeria’s interventions impacted over 663,300 individuals in 2024, supported 628 small businesses, and improved educational outcomes in 62 schools across the country.

 

 

“In 2024, we invested N3.5bn in Corporate Social Investment, bringing our total investment to N31.9bn since inception. Our efforts have made a tangible impact, benefitting over 663,300 individuals, supporting 628 small businesses, and improving educational outcomes in 62 schools across Nigeria,” he stated.

 

 

In line with its environmental goals, the company deployed 194 new solar-powered rural telephony sites and launched West Africa’s first eco-friendly SIM cards to cut down on plastic waste.

 

 

On governance, MTN Nigeria became the first Nigerian company and the first within the MTN Group to receive the Compliance Management System certification from the International Accreditation Service.

 

 

Also speaking at the event, the General Manager, Risk Management at MTN Nigeria Communications Plc, Esosa Balogun, added that the company paid N764.2bn in taxes, levies, and duties to the Nigerian government in the reporting year.

 

 

“We paid N764.2 billion in income taxes, duties and levies paid to the government, up 39.1 per cent.”

 

 

As part of its leadership in transparency, MTN Nigeria became an early adopter of the International Financial Reporting Sustainability Disclosure Standards ahead of the mandatory date set by the Financial Reporting Council of Nigeria. It also joined the ISSB’s Transition Implementation Group and the FRC’s Adoption Readiness Working Group.

 

 

Balogun stated that MTN Nigeria’s commitment to sustainability extends beyond business operations and includes active engagement with local communities through programmes such as “What Can We Do Together?”, which enables Nigerians to propose and implement development projects within their communities.

 

 

“Through stakeholder forums, grievance mechanisms, and independent impact assessments, we maintain transparency, measure effectiveness, and ensure long-term sustainability,” he said.

 

 

Additionally, MTN Nigeria maintained a 93 per cent network coverage rate and reported over 2.8 million active MoMo wallets in 2024. It also reported that 59.6 per cent of its procurement spending was on local suppliers.

 

 

In his remarks, the Chief Executive Officer of the Nigerian Exchange Limited, Jude Chiemeka, emphasized that sustainability has now evolved from a corporate responsibility add-on to a core business imperative.

 

 

He stressed that sustainability challenges continue to reshape global priorities, making Environmental, Social, and Governance factors essential to investment decisions.

 

 

“As business leaders, regulators, and educators, we share the responsibility to drive transformation. By working together, we can build a capital market that not only attracts investment but also supports societal progress and protects the environment,” the CEO stated.

 

 

He further highlighted that companies integrating sustainability at the core of their operations are not only better positioned to mitigate environmental and social risks but also more capable of strengthening brand value and capitalising on the rising demand for sustainable products and services.

The New Pope Is Announced: Cardinal Robert F. Prevost Takes The Name Leo XIV.

A wave of joy swept across St. Peter’s Square this evening as white smoke emerged from the chimney of the Sistine Chapel, announcing the election of a new pope. Cardinal Robert F. Prevost of the United States has been chosen as the 267th pontiff of the Roman Catholic Church, taking the papal name Leo XIV.

Moments after the announcement, the new pope appeared on the central balcony of St. Peter’s Basilica to offer his first blessing, Urbi et Orbi, to the city of Rome and the world. Smiling but solemn, Pope Leo XIV greeted the faithful with a message of peace, unity, and hope.

“I am humbled by the weight of this responsibility,” he said. “With God’s help and your prayers, I will serve the Church with love and courage.”

Born in Chicago and most recently serving as Prefect of the Dicastery for Bishops, Pope Leo XIV is the first American pope in history and a respected figure known for his pastoral sensitivity, theological depth, and commitment to global outreach.

The election follows the death of Pope Francis on April 21, and comes after two days of voting by the 133 cardinal electors. The choice of the name “Leo” evokes memories of the great reformer Pope Leo XIII, known for his emphasis on social justice and the Church’s role in the modern world.

Crowds erupted in cheers and hymns as bells rang across Vatican City, signaling the dawn of a new papal era.