Fidelity Bank, the largest privately-owned Ghanaian bank,
has recorded a 32% increase in profit before tax (PBT) for 2021. This
came to light at the Bank’s recent Annual General Meeting (AGM) which was held
virtually for its shareholders to review the performance of the bank for the
year ended December 31st, 2021. Within the period under review, 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 also recorded a
revenue of GH¢ 1.1 billion, 14% above the 2021 figure.
Addressing shareholders at the AGM, 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. He
further indicated that this buoyant performance was largely underpinned by the
Bank’s all-encompassing transformation journey which has seen Fidelity leverage
cutting edge technology to enhance convenience and deliver superior customer
experience across the Bank’s various touchpoints.
Mr. Effah stated that, “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.”
Mr. Effah 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.”
At the AGM, the Bank reiterated the significant impact of its investments in
digital innovations during the year under review in line with its
transformation agenda. Consequently, by the end of 2021, 89% of all
transactions were carried out via the bank’s digital channels. This impressive
feat bears testament to Fidelity’s leadership in digital banking and its
remarkable success in migrating customers unto digital platforms.
In his report at the AGM, the Managing Director of the 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 added that, the bank’s ambition of becoming a top 3 bank in Ghana by 2024 is
on course with a focus on some key areas to achieve this mandate: digital
innovation, data insights, value chain optimization, fit for future technology
and talent optimization. He also stated that the bank’s transformation journey
has already yielded some significant gains for the bank. Through the efforts of
the Transformation Office, Fidelity achieved 113% of its revenue target for the
year and mobilized low-cost deposits in excess of GH¢ 240 million.
The Bank also gave shareholders an overview of their notable accomplishments
and honors received during the fiscal period under consideration. Consequent to
the Bank’s remarkable business performance in 2021, the Bank and its leadership
were duly recognized and accorded several laurels by reputable local and
international organizations within the period. These include: The Bank of
the Year Award at the Ghana Business Awards, Best Bank in Ghana by EMEA
Finance, Best Treasury & Cash Management Bank in Ghana Award by the Global
Finance Magazine, Agency Banking Bank of the Year Award by Instinct Business
Finance Innovation, Outstanding response to COVID-19 and SME Loans Award by the
Middle East and Africa Retail Innovation Banking Awards among others.
The remarkable growth of Fidelity Bank over the last 15 years is testament to
the vision and resilience of the leadership and staff of the bank, both past
and present. Fidelity’s story shows that the indomitable Ghanaian
entrepreneurial spirit is still alive and demonstrates that “it can be done” in
Ghana by Ghanaians.
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.
Source: Peacefmonline.com