Fidelity Bank Ghana records 32% Increase in Profit Before Tax (PBT) We recorded a 32% increase in profit before tax (PBT) for 2021. This came to light at our recent Annual General Meeting (AGM) which was held virtually for our shareholders to review our performance for the year ended December 31st, 2021. Within the period under review, we posted a strong growth in key financial metrics across our various business segments. In addition to the record increase in PBT, we also recorded a revenue of GH¢ 1.1 billion, 14% above the 2021 figure. Addressing shareholders at the AGM, our Board Chairman, Edward Effah, stated that despite significant external and domestic challenges, we remained resilient, turning in a strong performance in 2021. He further indicated that this buoyant performance was largely underpinned by our all-encompassing transformation journey which has seen Fidelity leverage cutting edge technology to enhance convenience and deliver superior customer experience across our various touchpoints. Mr. Effah stated that, “the Group’s balance sheet remained robust with a significant year-on-year increase of 44% 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. Effah further asserted that “Looking ahead, I have great confidence in the future of our Bank. 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. In doing so, we are well-positioned to compete even better in the years ahead and to deliver higher, more sustainable returns for our shareholders and other stakeholders.” At the AGM, we reiterated the significant impact of our investments in digital innovations during the year under review in line with our transformation agenda. Consequently, by the end of 2021, 89% of all transactions were carried out via our digital channels. This impressive feat bears testament to our leadership in digital banking and our remarkable success in migrating customers unto digital platforms. In his report at the AGM, our Managing Director, Julian Opuni, stated that, “2021 marked the Bank’s fifteen years of existence as a commercial bank. Fifteen (15) years down the line, we are pleased with the successes we have chalked over the years with support from all our stakeholders and we believe that we are well positioned to continuously serve our customers better.” He added that our ambition of becoming a top 3 bank in Ghana by 2024 is on course with a focus on some key areas to achieve this mandate: digital innovation, data insights, value chain optimization, fit for future technology and talent optimization. He also stated that our transformation journey has already yielded some significant gains for the bank. Through the efforts of the Transformation Office, we achieved 113% of our revenue target for the year and mobilized low-cost deposits in excess of GH¢ 240 million. Shareholders were also given an overview of our notable accomplishments and honors received during the fiscal period under consideration. Consequent to our remarkable business performance in 2021, the Bank and our leadership were duly recognized and accorded several laurels by reputable local and international organizations within the period. These include: The Bank of the Year Award at the Ghana Business Awards, Best Bank in Ghana by EMEA Finance, Best Treasury & Cash Management Bank in Ghana Award by the Global Finance Magazine, Agency Banking Bank of the Year Award by Instinct Business Finance Innovation, Outstanding response to COVID-19 and SME Loans Award by the Middle East and Africa Retail Innovation Banking Awards among others. The remarkable growth of Fidelity Bank over the last 15 years is testament to the vision and resilience of the leadership and staff of the Bank, both past and present. Our story shows that the indomitable Ghanaian entrepreneurial spirit is still alive and demonstrates that “it can be done” in Ghana by Ghanaians. We are optimistic that in 2022 and beyond, buoyed by the impact of our ongoing Transformation Agenda, we will continue to leverage on technology and our strategy, people, and systems to give customers a satisfying banking experience and enhance shareholder value.
