Who is afraid of Fidelity Bank?

Leading up to the recent superlative annual reports showcasing one of the most significant growth experiences by a Nigerian financial institution in recent years, I was forced to ask, “What is Fidelity Bank” doing right?

My banking and financial sector experience got me digging deeper into the statistics of the report – Fidelity Bank recorded a substantial 210.0 percent growth in PBT, reaching N385.2 billion in FY 2024. Deposits increased by 47.9 percent, from N4.0 trillion in 2023 FY to N5.9 trillion in 2024 FY, with gross earnings shooting up by 87.7 percent to N1,043.4 billion, which was primarily caused by a 106.9 percent increase in interest and similar income. Was I impressed? Absolutely. 👍🏾

Now to the scary part: they opened the year with a bang, implying that the 2025 year-end results were going to be nothing but spectacular; check this out – Fidelity reported a whopping 167.8 percent increase in PBT (Profit Before to N105.8 billion in Q1 2025, compared to N39.5 billion in Q1 2024. Gross earnings from January to April had reached some N315.421 billion, signalling a 64.21 percent increase year-on-year.

These results were nothing short of astonishing, and with great hope I sat my team down to review our investment strategy to accommodate taking up equities in Fidelity and advising our portfolio investors to do the same.

We quickly appraised the fundamentals and key success factors to include their focus on the strategic youth economy that the creative and digital transformation sector promises, the banks’ bullish inroads in MSME promotion and financing, and their glowing penchant for gender inclusion without abandoning the core sectors of mining, renewables and other key industries.

Then came the dissecting of leadership. My team of analysts, mostly female, went on about Fidelity MD being one of the most experienced and affable Amazons in the industry; they had done this, achieved that, and all the entreaties you’d expect from smart ladies who feel mentored from a distance. I didn’t hesitate to draw their attention to the experience of the menfolk within the organisation, like I had any measurable data to establish that mix… The truth remains you can’t help but admire the Bank’s leadership and strides.

A deeper look at the bank’s expansion globally could reveal a strategic and noiseless acquisition of Union Bank, London, and their planned incursion into African and other European financial markets; you just can see that such daring strides and impact would give competition and detractors sleepless nights. Not in an era where sleeping pills are sold strictly by prescription and no thanks to the high cost of medication for peddlers of cheap propaganda.

Within barely 30 days of announcing such magnificent results little wonder how pundits would cook or spin a narrative to suggest a bank that has announced herself as first tier with shoulders levelled up with other banking giants would shudder over a judgement against her customer G. Cappa or even the contribution they would be required to cough up over that said Sagecom saga. With that judgement not going the way of pundits, a contemptuous attempt at calculating interest at unclassified rates from an initial N14b to cause an unnecessary scare or negative press on the bank speaks volumes of how we unrepentantly strive to destroy value in our economy.

One would think that the interpretation of the judgement and computation of due figures, which will understandably come with a payment plan, be awaited instead of the usual bad blood generated and envisaged by toddler media characters.

It is not in doubt that the discerning public sees through the cruise and flat-falling attempts of dramatic clout chasers ever ready to stain Fidelity’s white apparel, which savvy investors and analysts are filled with bridal admiration

Like Joseph Campbell hinted in his famous quote, “The cave you fear to enter holds the treasure you seek.” We cast our treasures and bets on Fidelity Bank as the Nigerian treasure house to beat in the years ahead!

Udeme Etukeyen is an Abuja-based Pan-African investment advisory expert.