Fidelity Bank Plc has announced its financial results for the first quarter ending March 31, 2026, revealing a decline in profit after tax (PAT) to N74.47 billion. This represents an 18.25 percent drop compared to the N91.10 billion recorded in the corresponding period of 2025.

The bank's gross earnings, however, saw a significant increase of 37.9 percent, rising to N434.95 billion in Q1 2026 from N315.42 billion in Q1 2025. This top-line growth was primarily driven by a 22.8 percent rise in interest income, which reached N314.48 billion in Q1 2026, up from N256.10 billion in Q1 2025.

Despite the strong interest income, rising interest expenses impacted profitability. Net interest income was reported at N180.97 billion for the period. The bank's profit before tax for Q1 2026 was N92.48 billion, a decrease from N105.7 billion in Q1 2025.

The Group's earnings per share also saw a reduction, falling to N1.36 in Q1 2026 from N1.81 in Q1 2025. At the Nigerian Exchange Limited (NGX), Fidelity Bank's share price experienced a drop, closing at N22 per share on Tuesday, a loss of N1.75 or 7.37 percent. The stock had previously reached a 52-week high of N24.25 and a low of N17.1.

Fidelity Bank's balance sheet showed growth, with total assets crossing the N11 trillion mark to N11.35 trillion by March 2026, up from N10.46 trillion in December 2025. Customer deposits also increased from N6.89 trillion to N7.38 trillion.

Total equity rose by 27.5 percent from N1.09 trillion in December 2025 to N1.39 trillion by March 2026, supported by the earnings growth and the successful completion of the bank's recapitalisation program.

Managing Director, Fidelity Bank Plc, Nneka Onyeali-Ikpe, stated that the Q1 2026 results reinforce the bank's resilient business model. She expressed confidence that the bank is on a stronger footing and poised for new growth records.