GCR upgrades Fidelity Bank rating to A+(NG) on NGN227B capital boost

GCR Ratings upgraded Fidelity Bank Plc's national scale long-term issuer rating to A+(NG) from A(NG), while affirming its short-term A1(NG) rating with stable outlook (September 21, 2026). The upgrade reflects the bank's significantly strengthened capital position after adding NGN227.0 billion to core capital in 2025 (officially recognised in 2026), pushing its core capital ratio to 29.4% by March 2026 from 17.2% in December 2025.

This matters because Fidelity Bank now ranks as Nigeria's sixth largest bank with NGN10.5 trillion in total assets and an estimated 8.0% share of industry gross loans (December 2025). Customer deposits grew to NGN7.4 trillion by March 2026 (89.5% of funding base), supported by strong liquidity—liquid assets covered 56.9% of deposits and wholesale funding 4.8 times over. The bank maintains diversified oil/gas exposure and moderate foreign currency risk through natural hedging.

For depositors and investors, this signals enhanced capacity to withstand economic shocks. The bank plans to leverage its international license to enter three additional African markets over the medium term, diversifying country exposure. With GCR expecting core capital to stay above 20.0% supported by earnings retention, customers can anticipate continued stability in services and potentially improved product offerings as the bank expands its regional footprint.

SOURCE: https://dailypost.ng/2026/09/21/gcr-upgrades-fidelity-bank-rating-on-stronger-capital-position/