Fidelity Bank ended the year 2020 with a total assets value of Ghs 9.2 billion from a previous year’s total assets value of Ghs 10.4 billion.
The fall in the total assets value represents a year-on-year decline of 11.5 percent.
A perusal of Fidelity Bank’s 2020 Audited Financial Statements by norvanreports revealed that, the fall in total assets value was due to a significant decline in the bank’s cash and cash equivalents for the period under review.
Cash and cash equivalents for end-2019 stood at Ghs 3.3 billion, however, by end-2020, it had declined to Ghs 1.4 billion.
The bank’s other assets such as investment securities and loans to customers recorded marginal changes with the former being Ghs 4.9 billion end-2020 from a figure of Ghs 4.2 billion and the latter being Ghs 2.3 billion end-2020 from a previous amount of Ghs 2.4 billion.
The bank’s total liabilities for the period under review was reduced by more than Ghs 1.4 billion as total liabilities recorded end-2020 was Ghs 8.2 billion as against the Ghs 9.6 billion recorded for end-2019.
According to the bank’s financial statements, total profit recorded for 2020 was Ghs 252 million, a marginal decline from 2019’s Ghs 260 million profit.
Shareholders on the back of the fall in profit are expected to be paid Ghs 9.98 pesewas per share, lesser than the Ghs 10.33 pesewas paid last year.
With regards to loan quality, the bank’s Non-Performing Loans (NPLs) surged to 8.11 percent from 1.78 percent in 2019.
The bank however, increased its Capital Adequacy Ratio (CAR) to 21.43 percent end-2020, well above the regulatory requirement of 13 percent.
