GCR Ratings has upgraded Fidelity Bank Plc's national-scale long-term issuer rating to A Plus (NG) from A (NG), while affirming its short-term issuer rating at A1 (NG). The outlook remains stable. This upgrade reflects Fidelity Bank's significantly strengthened capital position following the addition of NGN227.0 billion to its total core capital. The bank's capital was officially recognised as core capital in 2026.
The upgrade also recognises Fidelity Bank's strong domestic market position, stable funding base, and healthy liquidity profile. With nearly four decades of operating experience, the bank's competitive position remains a key rating strength, supported by its strong domestic franchise. As of December 2025, Fidelity Bank ranked as Nigeria's sixth-largest bank, with total assets of NGN10.5 trillion and an estimated 8.0 per cent share of the banking industry's gross loans.
Fidelity Bank raised NGN227.0 billion in additional equity capital in 2025, enabling it to fully comply with the revised capital requirement for its licence category. Consequently, the bank's GCR core capital ratio increased substantially to 29.4 per cent at the end of March 2026, from 17.2 per cent in December 2025. Its stage three loan loss reserve coverage also remained strong at more than 100.0 per cent.
GCR expects the bank's core capital ratio to remain above 20.0 per cent over the outlook period, supported by good earnings retention. The rating agency also noted that Fidelity Bank's exposure to the oil and gas sector is diversified across the upstream, downstream, and services segments. This diversification helps moderate the bank's risk profile.
Fidelity Bank's funding profile remains positive, underpinned by a large and stable deposit base. Customer deposits grew by 16.1 per cent as of December 2025 and by a further 7.1 per cent as of March 2026, reaching NGN7.4 trillion. This growth in deposits provides a strong foundation for sustainable funding.
The bank also maintained a robust liquidity position, supported by a substantial portfolio of liquid assets. Its liquid assets-to-customer deposits ratio stood at 56.9 per cent in March 2026, while liquid assets covered wholesale funding by 4.8 times. This liquidity position supports the bank's ability to meet its short-term obligations.
The stable outlook reflects GCR's expectation that Fidelity Bank will maintain a strong financial profile, with its core capital ratio remaining above 20.0 per cent, supported by stable funding, strong liquidity, and resilient asset quality indicators. The bank also plans to leverage its international banking licence to enter three additional African markets over the medium term, which is expected to diversify its country exposure and further strengthen its competitiveness among rated peers.
Key points
- GCR Ratings upgrades Fidelity Bank's national-scale long-term issuer rating to A Plus (NG) from A (NG).
- The upgrade reflects Fidelity Bank's significantly strengthened capital position.
- The bank's core capital ratio is expected to remain above 20.0 per cent over the outlook period.
