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Friday, August 12, 2022

Fidelity Bank Records 32% Increase In Profit

FIDELITY BANK, the largest privately-owned Ghanaian bank, recorded a 32% increase in profit before tax (PBT) for 2021.

This came to light at the bank’s recent annual general meeting held virtually for shareholders to review the performance of the bank for the year ended December 31st, 2021.

The bank posted a strong growth in key financial metrics across its various business segments. In addition to the record increase in PBT, the bank recorded a revenue of GH¢1.1 billion, 14% above the 2021 figure.

Board chairman of Fidelity Bank Ghana, Edward Effah, stated that despite significant external and domestic challenges, the bank remained resilient, turning in a strong performance in 2021.

Mr. Effah said, “the group’s balance sheet remained robust with a significant year-on-year increase of 44% to close the year at GH¢13.36 billion, an increase from GH¢9.28 billion in 2020. The growth was funded mainly from an increase in customer deposits and short-term borrowings that financed corresponding short-dated investments.”

He further asserted that “Looking ahead, I have great confidence in the future of our bank. Regardless of market conditions, our focus will always remain on what has sustained Fidelity Bank over the last 15 years – our people, our culture, and above all, our response to the evolving needs of our clients. In doing so, we are well-positioned to compete even better in the years ahead and to deliver higher, more sustainable returns for our shareholders and other stakeholders.”

Managing Director of Fidelity Bank, Julian Opuni, stated that, “2021 marked the bank’s fifteen years of existence as a commercial bank. Fifteen (15) years down the line, we are pleased with the successes we have chalked over the years with support from all our stakeholders and we believe that we are well positioned to continuously serve our customers better.”

He said the bank’s ambition of becoming a top 3 bank in Ghana by 2024 is on course.

“Through the efforts of the Transformation Office, Fidelity achieved 113% of its revenue target for the year and mobilised low-cost deposits in excess of GH¢240 million.

“Fidelity Bank Ghana is optimistic that in 2022 and beyond, buoyed by the impact of its ongoing Transformation Agenda, it will continue to leverage on technology and the bank’s strategy, people and systems, to give customers a satisfying banking experience and enhance shareholder value.”

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