Just recently, global credit rating agency, Fitch Ratings affirmed Fidelity Bank Plc’s Long-Term Issuer Default Rating (IDR) at ‘B’ and upgraded its National Long-Term Rating to ‘A+(nga)’ from ‘A(nga)’.
Fitch Ratings said the upgrade reflects Fidelity Bank’s strengthening capital buffers as a result of last year’s rights issue and public offer, alongside stronger internal capital generation.
“This is underpinned by a sharp improvement in profitability metrics since 2022, as the bank benefits from higher rates due to its heavy reliance on low-cost current and savings accounts,” the rating agency said.