GCR upgrades Fidelity Bank rating on stronger capital position

GCR Ratings has upgraded Fidelity Bank Plc's national scale long term issuer rating to A Plus (NG) from A (NG), with the short term issuer rating remaining at A1 (NG). The upgrade is attributed to Fidelity Bank's significantly strengthened capital position following the addition of NGN227.0 billion to its total core capital. The bank's strong domestic market position, stable funding base, and healthy liquidity profile were also recognized in the upgrade.

Fidelity Bank, with total assets of NGN10.5 trillion and an estimated 8.0 percent share of the banking industry's gross loans, ranks as Nigeria's sixth largest bank. The bank plans to leverage its international banking licence to enter three additional African markets over the medium term, which is expected to diversify its country exposure and further strengthen its competitiveness among rated peers.

Brief written by urgent.news from Daily Post Nigeria's own syndicated text. Machine-written — may contain errors; check the original before relying on it.