Julian Opuni
Fidelity Bank has set up a partnerships, sustainability & Corporate Social Responsibility (CSR) department to work with other departments to integrate sustainability principles across its activities and operations.
The Sustainability vision of the Bank is to create a sustainable future for all, by supporting inclusive economic growth, reducing its environmental footprint, maintaining high standards of governance and ethics, and engaging with stakeholders to build trust and foster long-term partnerships.
This was revealed at the Bank’s Annual General Meeting (AGM) which gave shareholders the opportunity to consider and adopt the report of the directors for the fiscal year ended 31st December 2022.
Immediate past Board Chairman of Fidelity Bank, Edward Effah reiterated the Bank’s renewed focus on ESG as an integral imperative of its overarching business strategy.
“As a financial institution, we are acutely aware of our role in ensuring a sustainable future for our planet, communities, and economy. We have begun integrating environmental, social, and governance (ESG) concepts into all aspects of our operations after making significant strides in our sustainability journey over the last year.
Fidelity Bank Ghana Managing Director, Julian Opuni said, “the sustainable finance pillar will see the bank collaborating with customers and stakeholders to develop financing solutions that drive economic growth while safeguarding the environment and promoting social progress.
On the bank’s fiscal performance, the Managing Director, reported that notwithstanding the macro-economic volatilities that confronted the banking sector in 2022, the bank proved resilient and recorded a 29 per cent increase in operating income as well as a decline in the Bank’s cost to income ratio from49 per cent in 2021 to 46 percent in 2022.
The bank also recorded a 22 per cent increase in customer deposits which grew to GH¢10.06 billion, and a 20 per cent growth in loans and advances.
He noted that the Bank’s capital adequacy ratio of 16 per cent is significantly above regulatory and prudential requirements; a clear indicator that Fidelity Bank is solvent.
The newly appointed Board Chairman of Fidelity Bank, Mr. James Reynolds Baiden whose appointment was ratified during the AGM, noted that the Bank is already on the upswing and has registered a profit of over GH¢150 million in the first quarter of 2023.
Mr. Baiden further assured shareholders and customers that the board, management, and staff of the Bank are working assiduously to fully restore the Bank to its upward trajectory on all performance benchmarks.
A Business Desk Report