Fidelity Bank Plc has returned to the elite group of Nigerian companies with a market capitalisation of over N1 trillion. This came after the bank’s share price rose by 5.3 per cent, climbing from N19.95 to N21.00 at the close of trading on Monday, May 13, 2025, on the Nigerian Exchange Limited (NGX). The development brings the total number of companies in the N1tn valuation club to 19, according to the latest data from the NGX.
The bank had initially crossed the N1tn mark on April 4, 2025, but dropped below the benchmark a few days later on April 7. It regained the milestone again on April 23 before briefly slipping on May 12. The latest rebound on May 13 confirms the growing investor interest in the bank’s stock and its performance outlook. With 50.2 billion outstanding shares, Fidelity Bank’s latest valuation shows strong investor confidence in the bank’s strategy and financial health.
Analysts say Fidelity Bank’s upward trajectory is being driven by a combination of strong financial results and strategic actions aimed at growth and capital expansion. The rally in the bank’s stock is seen as a positive sign that it could comfortably meet the Central Bank of Nigeria’s (CBN) new N500 billion minimum capital requirement through equity, without depending heavily on debt.
Nabila Mohammed, an analyst at Chapel Hill Denham, said, “The strong Q1 results suggest continued upward momentum in its stock. This could boost investor confidence and help sustain its valuation.” Over the past year, Fidelity Bank’s stock price has grown by 141 per cent, rising from N8.70 in May 2024 to the current N21.00 per share.
The bank’s impressive performance in 2024 played a major role in attracting investor attention. It posted a 189 per cent increase in profit after tax that year, the highest among Nigeria’s top 10 banks. That strong showing has continued into 2025. In the first quarter of the year, Fidelity Bank reported a 190 per cent surge in profit after tax, reaching N91 billion. The growth was supported by improved interest income, foreign exchange gains, and stronger cost control.
“Lower credit losses helped boost net interest income,” said Olamide, a banking analyst based in Lagos. “Combined with solid full-year results and dividend expectations, the bank’s fundamentals are attracting investors.”
The Proshare report also highlighted that the NGX Banking Index rose by 6.96 per cent in the first quarter of 2025, thanks in part to recapitalisation activities that pumped N2.4 trillion into the banking sector. During this period, Fidelity Bank ranked as the third most-traded stock between February and May 2025, further demonstrating its popularity among investors.
Fidelity Bank’s Chief Executive Officer, Nneka Onyeali-Ikpe, recently announced that the first phase of the bank’s capital raise programme had closed with a 237 per cent oversubscription on February 8. She added that the second phase would be completed before the second half of the year. These capital raising efforts are part of the bank’s broader vision to become a Tier-1 financial institution in Nigeria.
The bank is also expanding internationally. It acquired Union Bank UK in 2023, marking the beginning of its international push. Analysts say its strong net interest margin and low-cost deposit base remain attractive to both local and foreign investors.
Afrinvest, a financial advisory firm, projected continued growth for Fidelity Bank in 2025. The firm expects gross earnings to rise by 46 per cent and profit before tax to increase by 49.4 per cent, reaching N1.5 trillion and N415.4 billion, respectively. Afrinvest has also placed a 12-month target price of N21.60 for Fidelity Bank shares.
In its latest financial report, Fidelity Bank announced gross earnings of N315.4 billion for the first quarter ending March 31, 2025. This represents a 64.2 per cent increase compared to the N192.1 billion recorded in the same period in 2024.
The bank’s performance continues to strengthen its position in the market and improve its standing among investors, as it takes steps towards becoming one of Nigeria’s biggest and most trusted banks.
