Fidelity Bank Ghana Ltd. has delivered an impressive and robust financial performance in the third quarter of 2023.
According to the Q3 report, Fidelity Bank Ghana achieved a remarkable surge in its operating income, reaching an impressive GH¢ 1.38 billion, representing a substantial 36% increase compared to the same period last year.
Notably, the bank’s profit before income tax soared by 40%, reaching GH¢ 620.73 million, reaffirming its prudent financial management and forward-thinking approach.
The bank also registered a commendable 7% growth in assets, amounting to GH¢ 15.94 billion, a testament to its strong financial standing and astute risk management practices. A notable 5% increase in loans and advances to customers, totaling GH¢ 3.03 billion, underscores the bank’s unwavering commitment to facilitating access to credit.
Furthermore, a substantial 25% growth in deposits from customers reinforces the efficacy of the bank’s customer-centric strategies and innovative product offerings.
Moreover, Fidelity Bank maintained a robust Capital Adequacy Ratio (CAR) which remains pegged well above the prudential minimum regulatory requirement.
The bank also reported a 67% increase in Shareholder’s funds, closing the third quarter at GH¢ 1.09 billion. Notably, this amounts to a full-scale recovery of the post-DDEP impact losses incurred.
John Glover, Director for Strategy and Performance at Fidelity Bank, expressed his delight with these results and emphasized the bank’s commitment to exceeding expectations and meeting the needs of its customers, shareholders, and stakeholders.
Managing Director of Fidelity Bank Ghana, Julian Opuni, emphasized the bank’s resilience and community-centric values, which have been pivotal in driving impactful change within Ghana’s banking industry.
He stated, “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.
A Business Desk Report