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Fidelity Bank posts GHC322 million pre-tax profit

The bank remained one of the largest and strongest in Ghana as it closed the year 2019 with a balance sheet of GHC10.48 billion

Ghana News Agency (Accra) – Fidelity Bank Ghana says it recorded a 33% increase in its profit before tax for last year, raking in roughly GHC322 million.

Its profit for 2018 was GHGHC242 million.

“The bank’s balance sheet remained one of the largest and strongest in the country as it closed the year with a balance sheet size of GHC10.48 billion, up from the 2018 asset balance of GHC7.02 billion,” the company said in its financial report, presented at its annual general meeting, held on a virtual platform.

Edward Effah, the board chairman said: “Twenty nineteen was a good year for Fidelity Bank, despite the uncertainties that characterised the financial services industry in Ghana.”

He said each of the bank’s three strategic business units – retail banking, corporate and institutional banking and financial and capital markets – registered significant growth in the year under review.

“We would not have been able to record these financial achievements without the support of our customers and for that, I thank all of our customers for contributing to our continued success.

“The bank is sufficiently capitalised and will continue to execute our medium-term strategy while making the appropriate investments in our people, culture and technology to better serve our clients,” Effah said.

Targeted contributions

Julian Opuni, managing director of Fidelity Bank, assured shareholders that the bank had thoroughly assessed the potential impact of the COVID-19 pandemic and put in place measures to mitigate the risks to its operations and customers.

“Fidelity Bank took a proactive approach that focused on serving their customers through an enhanced digital offering and serving the larger community through targeted financial contributions and strategic partnerships,” he said.

“It was important to provide the necessary support to our customers to alleviate the liquidity pressure exerted by the economic effects of COVID-19.

“Interest-rate reductions, loan repayment holidays and loan restructuring were some of the key tools that we used to provide financial relief to our customers.”

The bank provided every branch with handwashing stations, thermometers, safety materials, personal protective equipment (PPE), sanitisers and established other preventive measures to protect customers and employees.

Corporate social responsibility

At the national level, the bank partnered with the COVID-19 Private Sector Fund and supported the construction of the COVID-19 Infectious Disease and Isolation Facility with a donation of GHC1 million.

It also donated more than 3,000 PPE to the Ghana Private Road Transport Union in Accra, Kumasi and Takoradi and GHC30,000 worth of PPE to the Kumasi South Hospital.

“In the coming months, we will launch initiatives aimed at supporting various segments of the economy, including SMEs, the youth and others,” Opuni said.

“These projects reinforce our commitment to working together with our customers and the general public to achieve more through our collective efforts.”

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