The upgrade reflects Fidelity Bank’s successful capital-raising efforts—through a rights issue and public offer—which have bolstered its financial base
Fitch Upgrades Fidelity Bank’s National Rating Amid Strong Capital Gains, Profit Surge
Fitch Ratings has affirmed Fidelity Bank Plc’s Long-Term Issuer Default Rating (IDR) at ‘B’ while upgrading its National Long-Term Rating from ‘A(nga)’ to ‘A+(nga)’, citing improved financial resilience and profitability.
The global credit rating agency announced the upgrade on May 29, 2025, highlighting the bank’s strengthened capital buffers and positive earnings trajectory as key drivers behind the improved national score.
According to Fitch, the upgrade reflects Fidelity Bank’s successful capital-raising efforts—through a rights issue and public offer—which have bolstered its financial base. Additionally, a marked improvement in profitability, fueled by higher interest income and a stable, low-cost deposit mix, contributed to the improved outlook.
The IDR, which remains at ‘B’, continues to reflect the broader risks associated with Nigeria’s operating environment. Nonetheless, the upgraded national rating points to Fidelity Bank’s growing strength and resilience within the local banking sector.
Commenting on the announcement, Managing Director/CEO of Fidelity Bank, Dr. Nneka Onyeali-Ikpe, 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. 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.”
One of the key drivers of the improved rating is the bank’s robust capitalization. Fitch reports that Fidelity’s Fitch Core Capital (FCC) ratio rose to 29.9% at the end of 2024—well above the regulatory minimum. The 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.
Fidelity Bank’s market positioning remains strong. As Nigeria’s sixth-largest bank, it commands 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—among the highest in the Nigerian banking industry.
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.
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. Read More
