GCR Ratings has upgraded Fidelity Bank Plc’s national scale long-term issuer rating to A+(NG) from A(NG), citing the bank’s stronger capital position following a N227 billion addition to its core capital.
In its latest assessment, the rating agency affirmed Fidelity Bank’s short-term issuer rating at A1(NG) and maintained a stable outlook.
GCR said the upgrade reflected the bank’s “significantly strengthened capital position”, as well as its strong domestic market position, stable funding base and healthy liquidity profile.
The agency said Fidelity Bank’s core capital ratio rose to 29.4 per cent at the end of March 2026 from 17.2 per cent in December 2025, following the recognition of the additional capital.
Fidelity Bank raised N227 billion in additional equity in 2025, with the capital recognised as core capital in 2026.
GCR said the bank’s competitive position remained a rating strength, supported by its domestic franchise and nearly four decades of operating experience.
“The bank had total assets of N10.5 trillion and an estimated eight percent share of the banking industry’s gross loans as of December 2025, making it Nigeria’s sixth-largest bank,” the agency said.
The rating agency also said Fidelity Bank planned to leverage its international banking licence to enter three additional African markets over the medium term.
According to GCR, the planned expansion is expected to diversify the bank’s country exposure and strengthen its competitiveness among rated peers.
The agency expects Fidelity Bank’s core capital ratio to remain above 20 per cent over the outlook period, supported by earnings retention.
GCR also said the bank’s Stage 3 loan-loss reserve coverage remained above 100 per cent.
On sector exposure, the agency said Fidelity Bank’s oil and gas portfolio was diversified across the upstream, downstream and services segments, while its foreign exchange exposure was moderated through natural hedging.
On funding, GCR said the bank’s customer deposits increased by 16.1 per cent in December 2025 and a further 7.1 per cent by March 2026, reaching N7.4 trillion.
“Customer deposits accounted for 89.5 percent of the bank’s total funding base, with about 90 percent held in current and savings accounts,” GCR Ratings said.
The agency added that Fidelity Bank maintained a “robust liquidity position”, with liquid assets equivalent to 56.9 per cent of customer deposits and covering wholesale funding by 4.8 times as of March 2026.
GCR said the stable outlook reflected its expectation that Fidelity Bank would maintain a strong financial profile, supported by capital above 20 per cent, stable funding, strong liquidity and resilient asset-quality indicators.
