Steadfast Performance in a Challenging Environment

Mr. James Reynolds Baiden, Board Chairman of Fidelity Bank, reflected on the Bank’s resilience: “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. Despite these exigencies, including Ghana’s external debt restructuring, which imposed substantial losses on banks, we delivered strong results.”

Despite industry-wide constraints, the Bank delivered a strong performance, with operating income growing by 15% to GHS 2.34 billion, up from GHS 2.03 billion in 2023, marking the second consecutive year of surpassing GHS 2.0 billion in annual revenues. Profit before tax also saw an increase of 4%, reaching GHS 1.21 billion, indicating stability in the face of a difficult operating environment. In addition, the Bank's total assets grew considerably by 28% to GHS 22.11 billion, primarily driven from a robust 40% growth in deposits, which reached GHS 17.65 billion.

Mr. Baiden acknowledged the impact of external shocks, including a 37% haircut on Ghana’s Eurobond holdings and income loss due to the increased cash reserve requirements. “Our ability to navigate these challenges underscores the strength of our balance sheet and risk management framework,” he added.

Balance Sheet Strength and Prudent Risk Management

Despite a sector-wide decline in asset quality, Fidelity Bank prioritized the health and quality of its lending portfolio. 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.

Investment securities grew by 3% to GHS 7.90 billion, and the Bank's Non-Performing Loan (NPL) ratio remained below 10%, significantly below the industry average. Furthermore, shareholder funds recorded a growth of 44% to end 2024 at GHS 2.07 billion, with the capital adequacy ratio, without regulatory reliefs, improving significantly to 19.55%, from 14.38% in 2023.

In recognition of this performance, shareholders approved an ordinary dividend of GHS 8.0 per share for 2024.

Strategic Outlook: Innovation, Efficiency, and ESG Integration

Looking ahead, Mr. Baiden affirmed the Bank’s strategic focus on enhancing customer experience, driving sustainable growth, and improving operational agility. “We are prioritizing risk management and embedding ESG considerations across our operations, while advancing digital innovation and process efficiency,” he noted.

Operational and Strategic Achievements

The Managing Director, Mr. Julian Opuni, highlighted how the Bank deepened its leadership in key segments. “In 2024, we enhanced our retail and SME lending frameworks with a strong focus on cash-flow-based lending. Our partnerships with fintechs enabled greater access for underserved markets, particularly in the informal sector,” he said. Mr. Opuni also emphasized operational improvements: “We made significant strides in automation, reduced manual processes, and strengthened internal controls. Our improved data capabilities supported agile decision-making and strategic execution.”

Sustainability and Mission-Led Financing

In line with its green finance agenda, Fidelity Bank will scale up initiatives such as the Green Tech Innovation Challenge and launch Orange Inspire—a dedicated fund to support Ghana’s creative economy through financing, incubation, and enterprise development.

In 2024, Fidelity Bank's achievements garnered numerous accolades, including recognition as Best SME Bank by World Economic Magazine and Global Business and Finance Magazine Awards, Best ESG Bank at the Ghana Accountancy & Finance Awards, Best Bank for Sustainable Development by Global Banking & Finance among many other recognitions that reaffirm its leadership in sustainability, innovation, and inclusive finance.

Commitment to the Future

Fidelity Bank is not only focused on excellence in financial performance but also on driving change through innovation and purpose and remains committed to delivering long-term value to its customers, shareholders, and the communities it serves.