Fidelity Bank, the largest privately-owned indigenous bank, ended the year 2021 with a consolidated revenue of GH¢ 1.13 billion, and a 32 per cent increase in profit before tax.
The revenue performance, which was 14 per cent more than the previous year’s income of GH¢ 993 million was driven mainly by uptick in the underlying transaction activities, which resulted from internal strategy execution and the gradual recovery of the Ghanaian economy from COVD-19 pandemic.
Mr Edward Effah, Board Chairman of the Bank, announced this at the Fidelity BanK Annual General Meeting (AGM) which was held virtually for shareholders to review the performance of the Bank.
Mr Edward Effah noted that the Bank within the period under review posted a strong growth in key financial metrics across its various business segments. Meanwhile, he added that in 2021 financial year, the bank made GH¢ 517 million, against the GH¢ 390 million it recorded in 2020.
These, he mentioned, included a 50 per cent year-on-year growth in the non-funded income stream, which increased from GH¢ 181 million in 2020 to GH¢ 273 million at the end of 2021.
“It recorded a moderate growth of six per cent in the Group’s net interest income from GH¢ 812 million in 2020 to GH¢ 858 million in 2021. The Group’s balance sheet remained robust with a significant year-on-year increase of 44 per cent 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 Edward Effah
Fidelity Bank PLC Remains Resilient Despite Challenges
Mr Effah averred that despite significant external and domestic challenges, the Bank remained resilient, turning in a strong performance last year.
The Board Chairman of the Bank moreover, attributed the good performance to the decision of the Bank to leverage cutting edge technology where 89 per cent of all transactions were carried out via the bank’s digital channels. “Looking ahead, I have great confidence in the future of our Bank,” he said.
“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.”
Mr Edward Effah
Mr Julian Opuni, the Managing Director of the Bank, asserted that the ambition of the bank becoming a top 3 bank in Ghana by 2024 is on course with a focus on digital innovation, data insights, value chain optimization, fit for future technology and talent optimization, as measure to adopt becoming successful.
The MD indicated that the Bank’s transformation journey has yielded some significant gains, with the achievement of 113 percent revenue target and the mobilization of low-cost deposits of more than GH¢ 240 million.
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