Fidelity Bank Ghana, the nation’s largest privately-owned indigenous bank, recorded robust financial growth in 2024.
The bank’s operating income rose to GHS 2.34 billion, a 15 per cent increase from GHS 2.03 billion in 2023. Profit before tax reached GHS 1.21 billion, marking a four per cent increase, despite what officials described as “a difficult operating environment.”
The bank’s total assets expanded by 28 per cent to GHS 22.11 billion, driven by a 40 per cent growth in deposits, which reached GHS 17.65 billion.
“The bank’s loans and advances, at GHS 3.14 billion, reflect a measured and disciplined growth strategy aimed at navigating the high-risk environment effectively,” Fidelity Bank noted.
Investment securities increased by 3 per cent to GHS 7.90 billion, while the Non-Performing Loan (NPL) ratio remained below 10 per cent, significantly below the industry average.
Shareholder funds grew by 44 per cent to GHS 2.07 billion, with the capital adequacy ratio improving to 19.55 per cent, from 14.38 per cent in 2023, without regulatory reliefs.
In recognition of these achievements, shareholders approved an ordinary dividend of GHS 8.0 per share for 2024.
“I am proud to say that the Bank has made significant strides in a very challenging business environment beset with persistently high inflation, sharp currency fluctuations, tight financing conditions, and regulatory changes,” Mr. James Reynolds Baiden, Board Chairman of Fidelity Bank, said at a recent Annual General Meeting.
He acknowledged external shocks, including a 37 per cent haircut on Ghana’s Eurobond holdings and income loss due to increased cash reserve requirements.
“Our ability to navigate these challenges underscores the strength of our balance sheet and risk management framework,” he added.
Mr. Baiden reaffirmed Fidelity Bank’s commitment to enhancing customer experience, driving sustainable growth, and improving operational agility.
“We are prioritising risk management and embedding ESG considerations across our operations, while advancing digital innovation and process efficiency,” he noted.
Fidelity Bank also enhanced its retail and SME lending frameworks, with a strong focus on cash-flow-based lending.
Highlighting operational improvements, he cited partnerships with Fintechs to expand access to underserved markets, particularly in the informal sector.
“We made significant strides in automation, reduced manual processes, and strengthened internal controls. Our improved data capabilities supported agile decision-making and strategic execution,” he added.
In line with its green finance agenda, Fidelity Bank plans to scale up initiatives such as the Green Tech Innovation Challenge and launch Orange Inspire, a dedicated fund supporting Ghana’s creative economy through financing, incubation, and enterprise development.
In 2024, Fidelity Bank was named Best SME Bank by World Economic Magazine and Global Business and Finance Magazine Awards.
It also received accolades, including Best ESG Bank at the Ghana Accountancy & Finance Awards and Best Bank for Sustainable Development by Global Banking & Finance, affirming its leadership in sustainability, innovation, and inclusive finance.
