We have revised our FY’22 earnings forecast for FIDELITYBK to N43.4 billion (vs N40.5 billion previously), after adjusting for the insights from the Q1’22 financial results. This new projection reflects changes to our net interest margin expectation (+70 bps to 4.7 %). We now expect the projected improvement in NIM to make up for lower non-interest revenue (NIR) and sustained cost pressures. Between FY’22 and FY’24, NIMs are also likely to average c.5.1% (vs 4.1% in previous projections) on rising yields, improving asset base, and expected temperance in cost of funds. Thus, we raise our 12 -month target price to N3.86 and revise our rating on the stock to a HOLD (BUY previously)