The Bank recorded a low profit due to the difficult macroeconomic environment which resulted in an increased number of non-performing loans (NPLs) and high levels of provisions in the Oil and Gas sector.
The Bank recorded a slight increase in balance sheet size; growing by 1.45% to GH¢ 4.2 billion from GH¢ 4.1 billion in 2015. On the contrary, operating income declined to GH¢ 461.2 million; a 16.42% drop over previous year’s figure of GH¢ 551.8 million.
As a result of the aforementioned, the Bank recorded a 91% decline in profit before tax of GH¢ 18.6 million in 2016 compared to GH¢ 205.8 million in 2015.
– Board Chairman
Fidelity Bank 2016 Annual Report by Fuaad Dodoo on Scribd
