GCR Ratings has upgraded Fidelity Bank Plc‘s national-scale long-term issuer rating to A Plus (NG) from A (NG). Its short-term issuer rating stays at A1 (NG). The outlook for the bank remains stable.
This upgrade is due to Fidelity Bank’s stronger capital position after it added NGN227.0 billion to its total core capital. GCR also noted the bank’s solid position in the local market, stable funds, and good liquidity.
Fidelity Bank’s strong competitive edge is a big part of its rating. The bank has a strong local brand and almost 40 years of experience. As of December 2025, it had total assets of NGN10.5 trillion and held about 8.0 per cent of the banking industry's total loans, making it Nigeria’s sixth-largest bank.
The bank plans to use its international banking license to enter three more African countries soon. This move aims to spread its risks across countries and boost its competitiveness against other banks.
In 2025, Fidelity Bank raised NGN227.0 billion in new equity capital. This helped it meet the new capital requirements for its license category. This capital was officially recognized as core capital in 2026.
As a result, Fidelity Bank’s GCR core capital ratio jumped to 29.4 per cent at the end of March 2026, up from 17.2 per cent in December 2025. Its coverage of stage three loan loss reserves also stayed strong at over 100.0 per cent.
GCR believes that the bank’s core capital ratio will stay above 20.0 per cent in the coming years, thanks to good earnings. The rating agency also highlighted that Fidelity Bank’s exposure to the oil and gas sector is spread across upstream, downstream, and services. Its foreign currency risks are managed through natural hedging.
Fidelity Bank’s funding situation is solid, backed by a large and steady deposit base. Customer deposits rose by 16.1 per cent as of December 2025 and increased by another 7.1 per cent as of March 2026, reaching NGN7.4 trillion.
Customer deposits made up 89.5 per cent of the bank’s total funding in March 2026. About 90 per cent of these deposits were in low-cost current and savings accounts, giving the bank a strong base for sustainable funding.
The bank also kept a strong liquidity position, supported by a large amount of liquid assets. Its liquid assets-to-customer deposits ratio was at 56.9 per cent in March 2026, while liquid assets covered wholesale funding by 4.8 times.
The stable outlook shows GCR’s belief that Fidelity Bank will keep a strong financial position, with its core capital ratio staying above 20.0 per cent. This is backed by stable funding, strong liquidity, and good asset quality.
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