Fidelity Bank Target Tier One Banking Status By 2025

The managing director of Fidelity Bank Plc, Mrs Nneka Onyeali-Ikpe, said the banks targets is to move from tier two bank to a tier one bank by 2025. She disclosed this in a meeting with some shareholders in Lagos.

Onyeali-Ikpe, who was commenting on the company performance for the financial year ended December 31, 2020, explained that the 2023 target was moved forward to 2025 due to the impact of Covid-19 that affected the global economy in 2020.

According to  her, the target is in line with the bank commitment towards sustaining growth trajectory and achieving strategic aspirations of the bank as they look forward to delivering good results for existing and prospective investors.

Meanwhile, the bank first quarter result for the period ended March 31, 2021 shows profit before tax (PBT) grew by 53.9 per cent from N6.6 billion in the corresponding period in 2020 to N10.1 billion in the period under review.

Similarly, net revenue in the period increased by 13.4 per cent from N30.3 billion in the first quarter (Q1) 2020, to N34.4 billion at the end of March 2021. The bank also recorded growth in other performance indices.

Fidelity Bank is a full-fledged commercial bank operating in Nigeria, with over 5 million customers who are serviced across its 250 business offices and various other digital banking channels.

Focused on select niche corporate banking sectors as well as Micro Small and Medium Enterprises (MSMEs), Fidelity Bank is rapidly implementing a digital based retail banking strategy which has resulted in exponential growth in savings deposits over the last Six (6) years, with over 40 percent customer enrollment on the Bank’s flagship mobile/internet banking products.

Quoted on the Nigerian Exchange Limited (NGX), Fidelity Bank Plc began operations in 1988 as a Merchant Bank. In 1999, it converted to Commercial Banking and then became a Universal Bank in February 2001. The current enlarged Fidelity Bank is a result of the merger with the former FSB International Bank Plc and Manny Bank Plc in 2005.