Home Business Finance Fidelity Bank reports GH₵620.73 million profit in third quarter

Fidelity Bank reports GH₵620.73 million profit in third quarter

Fidelity Bank
Fidelity Bank

Fidelity Bank Ghana Limited, the largest privately-owned Ghanaian bank, recorded a GHS 620.73 million profit in the Third Quarter of the year.

According to report detailing the performance of the Bank in the third quarter, the profit before income tax soared by 40 per cent.

An official statement issued to the Ghana News Agency, said these developments, reaffirmed the Bank’s prudent financial management and forward-thinking approach.

“Despite post-Domestic Debt Exchange Programme (DDEP) impact losses incurred by the Bank, the Bank also reports a 67 per cent increase in shareholder’s funds,” it said.
“It closed the third quarter at GHS 1.09 billion, as it maintained a robust capital adequacy ratio (CAR), which remains pegged well above the prudential minimum regulatory requirement.”

This achievement underscored the Bank’s strong capital base and a culture of rigorous risk management, the statement said.

The Bank also made progress in other aspects of its operations, including a surge in operating income, growth in assets, loan advancement to customers, growth in deposits, corporate social responsibility, and environmental stewardship.

“Fidelity Bank Ghana achieved a remarkable surge in its operating income, reaching an impressive GHS 1.38 billion, representing a substantial 36 per cent increase compared to the same period last year,” the report said.

“This robust growth showcases the Bank’s strategic agility in seizing market opportunities, even in a challenging business environment.
“The bank also registered a commendable seven per cent growth in assets, amounting to GHS 15.94 billion, which is a testament to its strong financial standing and astute risk management practices.

“The bank recorded a notable five per cent increase in loans and advances to customers, totaling GHS 3.03 billion, which underscores the Bank’s unwavering commitment to facilitating access to credit.

“A substantial 25 percent growth in deposits from customers reinforces the efficacy of the bank’s customer-centric strategies and innovative product offerings.”
The statement described the Bank’s commitment to giving back to society as 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.

“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.”

The statement referred to the Bank’s sustainability and environmental stewardship, saying its month-long awareness campaign designed to foster a culture of sustainability consciousness among Ghanaians was a testament.

“Fidelity Bank’s exceptional performance in the third quarter of 2023 not only highlights its resilience, strategic acumen, and robust operational capabilities but also reinforces the bank’s commitment and significant contribution to ensuring societal well-being,” it said.
Julian Opuni, Managing Director of Fidelity Bank Ghana, emphasised the Bank’s resilience and community-centric values, which he said, had 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.”

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