Fidelity Bank delivers impressive Q3 performance …showcases resilience and strong financial growth

 Fidelity Bank Gha­na Limited, the largest privately-owned Ghanaian bank, has once again showcased its commitment to excellence by delivering an impressive and robust financial performance in the third quarter of 2023.

This achievement underscores the bank’s resilience in the face of recent sector challenges, position­ing it as a driving force in Ghana’s financial landscape.

Fidelity Bank continues to forge ahead on a significant growth trajectory underpinned by solid figures across key financial metrics.

This success is a testament to the bank’s well-thought-out strate­gy aimed at fortifying operational capabilities, diversifying its service portfolio, and deepening its commitment to sustainability and community development.

According to the third quarter report, Fidelity Bank Ghana achieved a remarkable surge in its operating income, reaching an impressive GH¢1.38 billion, rep­resenting a substantial 36 percent increase compared to the same period last year.

This robust growth showcases the bank’s strategic agility in seiz­ing market opportunities even in a challenging business environment.

Notably, the bank’s profit-be­fore-income tax soared by 40 per cent, reaching GH¢620.73 million, reaffirming its prudent financial management and forward-think­ing approach.

The bank also registered a commendable 7 per cent growth in assets, amounting to GH¢15.94 billion, a testament to its strong financial standing and astute risk management practices.

A notable 5 per cent increase in loans and advances to custom­ers, totalling GH¢3.03 billion, un­derscored the bank’s unwavering commitment to facilitating access to credit.

A substantial 25 per cent growth in deposits from custom­ers reinforced the efficacy of the bank’s customer-centric strategies and innovative product offerings.

Fidelity Bank maintained a robust Capital Adequacy Ratio which remains pegged well above the prudential minimum regulato­ry requirement.

This achievement underscores the bank’s strong capital base and a culture of rigorous risk manage­ment. The bank also reported a 67 per cent increase in Shareholder’s funds, closing the third quarter at GH¢1.09 billion, and notablythis amounts to a full-scale recovery from thelosses incurred as a result of the Domestic Debt Exchange Programme.

John Glover, Director for Strategy and Performance at Fidelity Bank, expressed his delight with these results and emphasised the bank’s commit­ment to exceeding expectations and meeting the needs of its customers, shareholders, and stakeholders.

Julian Opuni, Managing Di­rector of Fidelity Bank Ghana, emphasised the bank’s resilience and community-centric values, which 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.”

“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,” Mr Opuni added.

BY TIMES REPORTER

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