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 upgrade reflects the bank’s strengthened capital buffers and improved profitability.
The upgrade is underpinned by Fidelity Bank’s successful capital raise and notable improvement in profitability, driven by higher interest income and a stable base of low-cost current and savings deposits.
The bank’s Fitch Core Capital (FCC) ratio rose to 29.9% at the end of 2024, well above the regulatory minimum.
Fidelity Bank’s market positioning remains strong, commanding 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.
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.
Fidelity Bank’s Managing Director/CEO, Dr. Nneka Onyeali-Ikpe, said the upgrade affirms the resilience of the bank’s business model and its focus on delivering sustainable value to stakeholders.
Fidelity Bank has received multiple local and international awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award and the 2024 Most Innovative Mobile Banking Application award.
The bank was also recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence.
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