2019 was a good year for Fidelity Bank, in spite of the challenges and uncertainties that characterized the financial services industry in Ghana.
The Bank took important steps towards executing its strategy aimed at fulfilling the vision to become a top 3 bank in Ghana.
Each of our three strategic business units (SBUs) – Retail Banking, Corporate & Institutional Banking and Financial & Capital Markets – registered significant growth during the year.
We grew operating income by 31% to end the year at GH¢ 903 million, and posted a record pre-tax profit of GH¢ 322 million (representing an increase of 33% from the GH¢ 242 million achieved in 2018).
Our balance sheet remained robust with a significant yearon-year increase of 49%, crossing the GH¢ 10 billion mark to close the year at GH¢ 10.48 billion (2018: GH¢ 7.02 billion).
The growth was funded mainly from a 17% increase in deposits which closed the year at GH¢ 5.22 billion, and short-term borrowings that financed corresponding shortdated investments which were sufficiently hedged to lock in expected contributions.
– Board Chairman
FBL Annual Report 2019 by Fuaad Dodoo on Scribd
