Fidelity Bank posts impressive financial results in Q3
One of the country’s foremost banks, Fidelity Bank Ghana, posted an impressive profit before income tax of GH¢620.73 million in the third quarter of the year.
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This represents 40 per cent rise over the same period last year, a development which reaffirms the bank’s prudent financial management and forward-thinking approach.
According to its quarter three (Q3) report, the bank also achieved a remarkable surge in its operating income, reaching an impressive GH¢1.38 billion, representing a substantial 36 per cent increase compared to the same period last year, a demonstration of the bank's strategic agility in seizing market opportunities even in a challenging business environment.
The bank also registered a seven per cent growth in assets, amounting to GH¢15.94 billion.
Loans and advances increased by five per cent, totalling GH¢3.03 billion, while deposits from customers went up by 25 per cent.
The bank in its report maintained a robust Capital Adequacy Ratio (CAR) which remains pegged well above the prudential minimum regulatory requirement.
Shareholder funds soared by 67 per cent, closing the third quarter at GHC1.09 billion, reflecting a full-scale recovery of the post-DDEP impact losses incurred.
Commitment to stakeholders
The Director for Strategy and Performance at Fidelity Bank, John Glover, in commenting on the results emphasised the bank's commitment to exceed expectations and meet the needs of its customers, shareholders and stakeholders.
He was confident that the bank would continue to perform well to achieve its objectives.
“Beyond being a financial powerhouse, Fidelity Bank Ghana is a shining example of social responsibility.
The bank's recent contribution of GH¢147,614 to the Enactus team at C.K. Tedam University of Technology and Applied Sciences underscores its dedication to nurturing youth entrepreneurship. Furthermore, the bank's donation of GH¢100,000 worth of essential relief items to the National Disaster Management Organisation (NADMO) to aid flood victims in the Volta Region demonstrates its unwavering support for the community during times of crisis.
Resilience
The Managing Director of the bank, Julian Opuni, said the bank's resilience and community-centric values has been pivotal in driving impactful change within Ghana's banking industry.
"Our resilience extends beyond our financial performance; we are an integral part of the communities we serve. Our commitment to sustainable development, youth empowerment and environmental stewardship remains at the core of our values."
As an indigenous financial institution, we are proud of our role in fostering a prosperous future for Ghana, and we remain poised to elevate our impact even further," he added.