Skip to main content

Fidelity Bank attributes strong 2019 financial results to customers’ support


Fidelity Bank Ghana has held its 2020 Annual General Meeting (AGM) via a virtual platform for its shareholders to receive and adopt the Reports of the Directors, Auditors and the Financial Statements for the year ended 31st December 2019.

At the meeting, the Bank announced a 33% increase in profit before tax to GH¢322 million for 2019, representing an impressive growth from the GH¢242 million recorded in 2018.

Speaking at the virtual AGM, the Board Chairman of Fidelity Bank, Edward Effah, stated that “2019 was a good year for Fidelity Bank, in spite of the uncertainties that characterized the financial services industry in Ghana. Each of our three strategic business units – Retail Banking, Corporate & Institutional Banking and Financial & Capital Markets – registered significant growth during the year. We would not have been able to record these financial achievements without the support of our customers and for that I thank all of our customers for contributing to our continued success.”

Effah added that “our balance sheet remains one of the largest and strongest in the country as we closed the year with a balance sheet size of GH¢ 10.48 billion, up from the 2018 asset balance of GH¢ 7.02 billion.” Effah also added that “the Bank is sufficiently capitalized and will continue to execute our medium term strategy, while making the appropriate investments in our people, culture and technology to better serve our clients.”

 

In addition to presenting strong financial results, the Bank addressed the impact of COVID-19 and its focus on protecting its employees, helping its customers and supporting national efforts to prevent the spread of the COVID-19 virus.  The Managing Director of Fidelity Bank, Julian Opuni, assured shareholders that Fidelity Bank has thoroughly assessed the potential impact of the pandemic and has put in place measures to mitigate the risks to its operations and customers.

Fidelity Bank took a proactive approach that focused on serving their customers through an enhanced digital offering and serving the larger community through targeted financial contributions and strategic partnerships. “It was important to provide the necessary support to our customers to alleviate the liquidity pressure exerted by the economic effects of COVID-19. Interest rate reductions, loan repayment holidays and loan restructuring were some of the key tools that we used to provide financial relief to our customers,” disclosed Mr. Opuni.

In addition to the financial relief that they offered customers, Fidelity Bank was also concerned with the safety of their customers and the safety of their employees. To that end, they provided every branch with hand washing stations, thermometers, safety materials, Personal Protective Equipment (PPE), sanitizers and established other preventive measures to protect customers and employees.

At the national level, the Bank partnered with the COVID-19 Private Sector Fund and supported the construction of the COVID-19 Infectious Disease and Isolation Facility with a donation of GH¢1,000,000. They also donated over 3,000 PPEs to the Ghana Private Road Transport Union (GPRTU) in Accra, Kumasi and Takoradi and GH¢30,000 worth of PPEs to the Kumasi South Hospital.

“In the coming months, we will launch initiatives aimed at supporting various segments of the economy including SMEs, youth, and others. These projects reinforce our commitment to working together with our customers and the general public to achieve more through our collective efforts” concluded Opuni.

Comments

Popular posts from this blog

Nestlé Ghana Limited Wins Overall Best Industrial Company Of The Year at 13th AGI Industry & Quality Awards

  NestlĂ© Ghana Limited has been honored with four prestigious awards at the 13th Association of Ghana Industry and Quality Awards ceremony. The event, held in an esteemed setting, gathered prominent figures from Ghana’s industrial sector. Amidst the anticipation, NestlĂ© Ghana emerged as one of the evening’s notable winners, securing accolades in several key categories. This recognition underscores NestlĂ© Ghana’s relentless pursuit of excellence and innovation, marking a significant milestone that highlights the company’s substantial contributions to the manufacturing industry in Ghana. NestlĂ© Ghana's exceptional performance was acknowledged with the following awards: Overall Best National Quality Award, Diamond Category (Food) Overall Best Practices in Sustainable Manufacturing Best Company (Food Sector) Overall Industrial Company of the Year, affirming its status as a leader not only within the food sector but also across Ghana's entire industrial landscape. This success is a ...

Anglogold Ashanti Obuasi Mine tops 2024 Sustainability & Social Investment Awards

 AngloGold Ashanti Obuasi Mine has confirmed its status as sustainability champions by sweeping nine awards, the most won by a company at the 2024 Sustainability & Social Investment Awards (SSI) held at Movenpick Ambassador Hotel in Accra. The feat comes on the heels of a dominant performance in last year's event where AngloGold Ashanti Obuasi Mine swept seven awards. The SSI Awards organised by Ianmatsun Global Services recognizes the most outstanding sustainability, Corporate Social Responsibility (CSR), Environmental, social, and governance (ESG) initiatives in the country and beyond as well as the best teams and individuals who brought them to life. This year's event, which was the 8th edition, was under the theme "Climate Action Now: Accelerating Decarbonization and Building Resilience". The awards won by AngloGold Ashanti on the night include SSI Company of the Year, Best Company in Women Empowerment (project), SSI Company of the Year ( Environment), Best Co...

Zoomlion Advocates Community & Gender inclusive waste management for Climate Action at COP 29

 Africa's waste management giant, Zoomlion Ghana Limited has advocated for an integrated approach to waste management that considers the interest of community members, women and vulnerable groups. James Deku, a Communications Officer of Zoomlion Ghana Limited made this call at the 29th session of the Conference Of Parties (COP 29) of the United Nations Framework Convention for Climate Change (UNFCCC) at Azerbaijan, Baku whiles speaking on the topic "Community-Driven and Gender Inclusive approaches to waste management for Climate Action ". He said the waste sector is a major contributor of methane emissions which is a potent greenhouse gas causing climate change hence the need to manage waste in a manner that considers the interest of all stakeholders. Zoomlion's waste management model is designed and operated in a manner that considers the interest of all stakeholders. Through a Public Private Partnership (PPP) model, local authorities engage community members in clea...