Fidelity Bank makes strides in its operations

The bank’s customer base also rose from 250,000 at the beginning of the 2012 financial year to 400,000 by year-end, according to the board chairman.The operating income of Fidelity Bank Ghana Limited rose by 75 per cent in 2011 to GH¢138.8 million at the end of last year.

Its assets also rose from GH¢1.03 billion in 2011 to GH¢1.331 billion in 2012, representing a 29 per cent growth over the 12-month period.

The Board Chairman of Fidelity Bank, Mr William Panford Bray, made this known in an interview in Accra.

“Our goal of creating value for all our stakeholders was the focus of activities during 2012,” Mr Bray said.

After six years in operation, Fidelity has emerged as a major player on the local banking landscape, and is gaining recognition in the international investor community. “Driven by a number of customer loyalty reward strategies and the efforts of the Fidelity Sales Ambassadors, developments in the balance sheet culminated in profit after tax of GH¢27.7 million, representing a year-on-year growth of 157 per cent in profit before tax and 185 per cent in profit after tax,” he added.

Its Managing Director, Mr Edward Effah, also disclosed that “we are looking to raise about US$100 million through private placement to boost our capital and improve our competitiveness in the industry”.

“We have made strides in terms of business growth and outreach and are well on our way to becoming a top five bank in Ghana,” Mr Effah added.

The bank has grown from one branch in 2006 to become the sixth largest bank in Ghana in terms of deposits.

It has also contributed significantly to economic growth in the country, including funding big transactions in the downstream oil and gas industry, power plants, cocoa sub-sector and construction, among others.