Fitch Upgrades Fidelity Bank’s Rating to ‘A+(nga)’, Affirms Long-Term IDR at ‘B’

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’, reflecting improved capitalisation and stronger profitability.

The global credit rating agency announced the upgrade on May 29, 2025, citing the bank’s recent successful capital raise—via a rights issue and public offer—as a key driver of the improved rating. The development signals continued positive momentum in Fidelity Bank’s financial performance and risk profile.

According to Fitch, the bank’s profitability has been buoyed by increased interest income and a stable base of low-cost current and savings deposits. These fundamentals, combined with prudent risk management, have supported stronger earnings and balance sheet resilience.

Commenting on the upgrade, Fidelity Bank’s Managing Director and CEO, Dr. Nneka Onyeali-Ikpe, said the new rating affirms the strength of the bank’s business model and its commitment to long-term value creation.

“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 said. “Despite a challenging macroeconomic environment, we have maintained strong asset quality, solid profitability, and ample liquidity.”

A critical factor in the upgrade was the bank’s robust capital position. Fitch reported that Fidelity’s Fitch Core Capital (FCC) ratio stood at 29.9% as of year-end 2024, significantly above the regulatory minimum. The agency noted that ongoing capital raising efforts will help position the bank to meet the Central Bank of Nigeria’s new ₦500 billion minimum capital requirement for internationally licensed banks ahead of the 2026 deadline.

Fidelity Bank also maintains a strong market presence. As the sixth-largest bank in Nigeria, it controls around 5% of the country’s total banking sector assets. Its funding structure is supported by one of the highest proportions of low-cost deposits in the industry, accounting for 93% of total deposits at the end of 2024.

The upgraded rating is expected to boost investor confidence and support the bank’s growth ambitions, both within Nigeria and across international markets.