Fidelity Bank Delivers Impressive Q3 Performance -Showcases resilience and strong financial growth We have once again showcased our commitment to excellence by delivering an impressive and robust financial performance in the third quarter of 2023. This achievement underscores our resilience in the face of recent sector challenges, positioning us as a driving force in Ghana's financial landscape. We continue to forge ahead on a significant growth trajectory, underpinned by solid figures across key financial metrics. This success is a testament to our well-thought-out strategy, aimed at fortifying operational capabilities, diversifying our service portfolio, and deepening our commitment to sustainability and community development. We achieved a remarkable surge in our operating income, reaching an impressive GHS 1.38 billion, representing a substantial 36% increase compared to the same period last year. This robust growth showcases our strategic agility in seizing market opportunities even in a challenging business environment. Notably, our profit before income tax soared by 40%, reaching GHS 620.73 million, reaffirming our prudent financial management and forward-thinking approach. We also registered a commendable 7% growth in assets, amounting to GHS 15.94 billion, a testament to our strong financial standing and astute risk management practices. A notable 5% increase in loans and advances to customers, totaling GHS 3.03 billion, underscores our unwavering commitment to facilitating access to credit. Furthermore, a substantial 25% growth in deposits from customers reinforces the efficacy of our customer-centric strategies and innovative product offerings. Moreover, we maintained a robust Capital Adequacy Ratio (CAR) which remains pegged well above the prudential minimum regulatory requirement. This achievement underscores our strong capital base and a culture of rigorous risk management. We also reported a 67% increase in Shareholder’s funds, closing the third quarter at GHS 1.09 billion. Notably, this amounts to a full-scale recovery of the post-DDEP impact losses incurred. John Glover, our Director for Strategy and Performance, expressed his delight with these results and emphasized our commitment to exceeding expectations and meeting the needs of our customers, shareholders, and stakeholders. He remains confident that we will continue to perform well and achieve our objectives. Beyond being a financial powerhouse, we are a shining example of social responsibility. Our recent contribution of GH¢ 147,614 to the Enactus team at C.K. Tedam University of Technology and Applied Sciences underscores our dedication to nurturing youth entrepreneurship. Furthermore, our donation of GH¢100,000 worth of essential relief items to the National Disaster Management Organisation (NADMO) to aid flood victims in the Volta region demonstrates our unwavering support for the community during times of crisis. Our commitment to sustainability and environmental stewardship was further highlighted through a month-long awareness campaign designed to foster a culture of sustainability consciousness among Ghanaians. Julian Opuni, our Managing Director, emphasized our resilience and community-centric values, which have been pivotal in driving impactful change within Ghana's banking industry. He stated, "Our resilience extends beyond our financial performance; we are an integral part of the communities we serve. Our commitment to sustainable development, youth empowerment, and environmental stewardship remains at the core of our values." "As an indigenous financial institution, we are proud of our role in fostering a prosperous future for Ghana, and we remain poised to elevate our impact even further," he added. Our exceptional performance in the third quarter of 2023 not only highlights our resilience, strategic acumen, and robust operational capabilities but also reinforces our commitment and significant contribution to ensuring societal well-being. We steadfastly uphold our core values, placing significant emphasis on a customer-centric approach, resilience, and sustainability in all our endeavors. Top of Form ENDS
