At the 2020 Annual General Meeting held by Fidelity Bank Ghana on a virtual platform, they announced a 33% increase in profit before tax to GH¢322 million for 2019, amassing a remarkable growth from the GH¢242 million recorded in 2018.
During the meeting, shareholders were brought to speed on the various dealings of the Bank and also urged to adopt the financial statements for the year ended, 2019 compiled by their directors and auditors.
The board Chairman of Fidelity Bank, Edward Effah, iterated 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.
“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.”
He was also quick to add 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, spoke extensively on the impact of the pandemic and also its prime motive of protecting their employees as well as its customers. In his submission, he indicated that the bank has comprehensively evaluated the possible impact of the pandemic and has rather proactively instituted some measures to mitigate its effect on their operations and clients.
He revealed that, “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.”
As part of their adherence to the safety protocols rolled out by government, the Bank, concerned about the safety of its staff and customers, made available at its various branches hand washing stations, thermometers, safety materials, Personal Protective Equipment sanitizers.
Also, in partnership with th COVID-19 Private Sector Fund, they donated an amount of GH¢1,000,000 in support of the construction of the COVID-19 Infectious Disease and Isolation Facility. Similarly, 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 his parting words, Mr. Opuni said, “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.”