Fitch Ratings has upgraded Fidelity Bank Plc’s long-term issuer default rating (IDR) from ‘B-’ to ‘B’, reflecting the bank’s increased creditworthiness. The rating agency also upgraded Fidelity’s National Long-Term Rating to ‘A(nga)’ from ‘BBB+(nga)’.
According to the global rating agency, the upgrade is a result of the Bank’s improving business profile and resilient financial metrics. The agency added that the improved rating reflected the bank’s increased creditworthiness relative to other issuers in Nigeria, emphasizing that, “Fidelity’s Long- and Short-Term IDRs are driven by its standalone creditworthiness, as expressed by its Viability Rating (VR) of ‘b’ ’’.
A press statement from the bank notes that agency further stated that the VR reflects healthy asset quality, good business profile and reasonable capitalization and liquidity. These are balanced against high sensitivity to Nigeria’s challenging operating environment as well as higher credit concentration as a percentage of equity and weaker profitability than larger domestic-rated peers.
Commenting on the upgraded rating, Nneka Onyeali-Ikpe, Managing Director/CEO, Fidelity Bank Plc, stated, “Receiving this upgrade at a time when the global economy is faced with a myriad of challenges speaks to the strength of our business model, the efficacy of our risk management culture and the commitment of our staff towards creating sustainable value for all stakeholders. As a bank, we will continue to execute our growth strategy in a prudent manner that allows us to take advantage of emerging opportunities in our various markets”.
Fidelity Bank is a full-fledged commercial bank operating in Nigeria with over 6.5 million customers serviced across its 250 business offices and digital banking channels. The bank was recently recognized as the Best SME Bank Nigeria 2022 by the Global Banking & Finance Awards. The bank has also won awards for the “Fastest Growing Bank” and “MSME & Entrepreneurship Financing Bank of the Year” at the 2021 Business Day Banks and Other Financial Institutions (BAFI) Awards.
Also,Ten more customers of Fidelity Bank Plc, yesterday, got rewarded with N10 million in the bank’s season 5 edition of its savings promo tagged “Get Alert in Millions (GAIM 5)”.
The seventh monthly prize presentation ceremony of the campaign, which was witnessed by representatives of the National Lottery Regulatory Commission (NLRC) and Federal Competition and Consumer Protection Commission (FCCPC) in Lagos, saw Hillary Udekwere and Festus Tochukwu receive N1 million each having emerged winners from the Lagos zone at the seventh monthly draw held last week. According to the bank, eight other customers would also receive their prizes in the bank’s branches across the country having emerged winners from upcountry zones of the campaign.
Speaking to journalists, the winners expressed their excitement while thanking the bank for being consistent and supportive in its bid to keep helping Nigerians to save more.
Hillary Udekwere, a businessman, said, “I am excited today because I am a million richer. I thought it was fraud when I was called but when the calls were persistent, I went to the bank and now that I have received the money, I am fully aware that this is not a case of scam. I also want to use the opportunity to thank the bank and encourage other artisans like me to save so that they can win just like I did”.
Earlier in his opening remarks, the Promo Chairperson and Executive Director, Lagos and South West, Fidelity Bank Plc, Dr Ken Opara, said the objective of the promo was to help customers develop a healthy savings habit and improve their well-being.
According to Dr Opara who was represented by the Regional Bank Head, Fidelity Bank Plc, Festac, Paschal Nzeribe, “We set aside a total of N125million for cash prizes to be won by lucky customers in weekly, monthly, and grand draws which would hold till July this year when the campaign draws to a close. Till date, we have rewarded 1,620 customers with various sums of money including 1,550 customers that have won N10,000 each in the 31 weekly consolation draws and 70 customers who have won N1million each in the seven monthly draws we have conducted.”
