Fidelity Bank declares over ?145 million after-tax-profit

One of the leading banking institutions in Ghana, Fidelity Bank has declared an after tax profit of over ȼ145 million.

This the bank says is unprecedented considering the economic challenges the country experienced in 2015.

This was disclosed at the bank’s Annual General Meeting (AGM) held on Thursday, April 28.

The bank declared a dividend per share of ȼ1.27 pesewas from 83 pesewas in 2014 – an achievement it believes would excite its customers to continue to do business with the bank.

Earnings per share of the bank also increased by 67 percent from a 2014 figure of 351 pesewas to 585 pesewas at the end of 2015.

Speaking to Joy Business at the end of the meeting, Managing Director of the bank, Edward Effah expressed confidence in the bank’s prospects.

He says the bank’s financial achievement is as a result of factors such as the “acquisition of ProCredit Savings and Loans Limited, new major accounts and customers acquired for our wholesale banking business”.

On his part, Chairman of Board of Directors of the bank, William Panford Bray, describes the future of the bank as bright.

He, however, used the opportunity to announce his decision to step down as Chairman of the bank after a successful ten years leading the Board.

The bank announced a strong growth across key metrics which include its balance Sheet, deposits, and Shareholder value was also announced.

The total assets of the bank also grew by 36 percent to over 4 billion Ghana Cedis from 3 billion in 2014.

According to management, this was driven by strong growth in customer deposits, which increased by 69 percent to 3 billion Ghana Cedis.