Net profit at Fidelity Bank Plc fell by 17.2 per cent in the first half of the year, compared to the same period of 2025, despite a moderate improvement in revenue, according to the audited report of the lender released on Thursday.
Gross earnings for the period under review jumped to N748.7 billion from N512.9 billion, supported by increased interest income.
Interest and similar income was up by 53.3 per cent at N557.9 billion on the back higher interest earned on loans and advances.
Net interest income, which indicates the difference between the interest earned by a bank and what it pays to savers for keeping their deposits, rose 28.8 per cent to N420.4 billion.
Fidelity Bank put aside N13.7 billion in credit loss expense to cover loans that have become toxic on account of repeated defaults.
That compares to the N35.9 billion provision it made for the same purpose a year ago.
The financial institution incurred an unrealised derivative loss of N59.8 billion in contrast to a N34.2 billion derivative gain reported a year earlier.
In June, the bank announced it had raised the sum of N273 billion by way of a hybrid equity offer comprising a rights issue and a public offer as part of measures to meet the new capital rules in Nigeria that require banks with international authorisation to scale up core capital to a minimum of 500 billion by May next year.
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The lender said it plans to raise extra N200 billion through private placement to meet the regulatory requirement.
In the period under review, other operating costs soared by 55.6 per cent to N200.1 billion, driven by a sharp surge in legal expenses.
Profit before fell to N180.5 billion from N200.9 billion, while profit after tax slid to N132.3 billion from N159.8 billion.
Total assets stood at N10.1 trillion, up from N8.8 trillion at the end of last year.
