Fidelity Bank Plc has rejoined the group of Nigerian companies with a market capitalisation of N1tn, following a 5.3 per cent rise in its share price from N19.95 to N21.00 at the close of trading on May 13, 2025, on the Nigerian Exchange Limited.
The latest rebound brings the number of companies in the trillion-naira club to 19, according to data from the NGX.
In a statement on Wednesday, the bank had briefly fallen below the threshold on May 12 after first attaining it on April 4, 2025. Fidelity Bank fell below the N1tn valuation on April 7, before regaining it again on April 23, and now on May 13.
With 50.2bn outstanding shares, the current valuation reflects renewed investor confidence in the bank’s performance and strategic direction.
Analysts say this upward momentum positions the lender to meet the Central Bank of Nigeria’s N500bn minimum capital requirement through equity.
“The strong Q1 results suggest continued upward momentum in its stock,” said Nabila Mohammed, an analyst at Chapel Hill Denham. “This could boost investor confidence and help sustain its valuation.”
In the past year, Fidelity Bank’s stock has gained 141 per cent, rising from N8.70 in May 2024. The rally is partly attributed to the bank’s robust 2024 financial performance, where it posted a 189 per cent increase in profit after tax, the highest among Nigeria’s top 10 banks.
That growth has extended into 2025, as the bank recorded a 190 per cent surge in after-tax profit to N91bn in the first quarter, supported by increased interest income, foreign exchange gains, and improved cost efficiency.
“Lower credit losses helped boost net interest income,” said Olamide, a Lagos-based banking analyst. “Combined with solid full-year results and dividend expectations, the bank’s fundamentals are attracting investors.”
A Proshare report noted that the NGX Banking Index rose by 6.96 per cent in the first quarter of 2025, driven by recapitalisation activities that injected N2.4tn into the sector. Fidelity Bank was the third most-traded stock between February and May 2025.
According to Mohammed, Fidelity’s strong net interest margin and its low-cost deposit structure remain key attractions. On February 8, the bank completed the first phase of its capital raise programme with 237 per cent oversubscription. Its chief executive officer, Nneka Onyeali-Ikpe, said the second phase would be concluded before the second half of the year.
As part of its vision, the bank is expanding internationally, beginning with the 2023 acquisition of Union Bank UK. The institution is also targeting tier-1 bank status.
Afrinvest has projected continued growth for Fidelity Bank, with gross earnings expected to rise by 46 per cent and profit before tax by 49.4 per cent in 2025, reaching N1.5tn and N415.4bn respectively. The firm maintained a 12-month target price of N21.60 for the stock.
The PUNCH reported that Fidelity Bank Plc has recorded gross earnings of N315.4bn for the first quarter ended 31 March 2025, representing a 64.2 per cent increase from the N192.1bn reported in the corresponding period in 2024.
