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Fidelity Bank Announces Innovative Agribusiness Initiatives

Fidelity Bank, Ghana’s largest privately-owned indigenous bank, showcased remarkable growth and robust financial performance across all business segments during its 2023 fiscal year.

These achievements were highlighted during the Bank’s virtual Annual General Meeting (AGM), where shareholders were updated on the Bank’s strategic initiatives and financial results.

By the end of December 2023, Fidelity Bank’s operating income saw a significant increase from GHS 1.43 billion in 2022 to GHS 2.03 billion, marking a 40 percent year-on-year growth.

Mr. James Reynolds Baiden, the Board Chairman of Fidelity Bank, attributed this success to the Bank’s resilience amid a challenging economic environment stating that,  “notwithstanding the macro-economic challenges, 2023 was a year of strong performance and significant recovery for Fidelity Bank, evident in our record revenues and profits”.

Key Metrics

The Bank’s performance metrics painted a positive picture across various financial indicators. Total assets grew by 25 percent, reaching GHS 17.22 billion by the end of 2023. This growth was driven by a substantial 28 percent increase in customer deposits, which totaled GHS 12.65 billion.

Furthermore, Fidelity Bank reversed a previous loss of GHS 518 million in 2022 to achieve a profit of GHS 1.17 billion in 2023, showcasing a dramatic turnaround in profitability.

Additional areas of growth included the Loans and Advances Portfolio, which expanded by 17 percent to GHS 3.21 billion, and the Investment Securities book, which saw a 28 percent increase, reaching GHS 7.70 billion.

The Bank also experienced a boost in Shareholder Funds, which rose to GHS 1.44 billion, and an improvement in its year-end Capital Adequacy Ratio (CAR) from 16.8 percent in 2022 to 20.9 percent in 2023. These indicators demonstrate that Fidelity Bank remains well-capitalized and robust, maintaining its position as the fifth largest bank in Ghana by total assets.

Mr. Baiden emphasized the Bank’s commitment to technological advancements and digital solutions to enhance efficiency and customer satisfaction.

“The Bank is also forging partnerships with FinTech firms and sustainable development organisations to align our strategies with emerging growth areas in financial services and Environmental, Social, and Governance (ESG) propositions for greater value creation.”


Mr Julian Opuni, Managing Director of Fidelity Bank, reiterated the Bank’s dedication to supporting local businesses and stimulating economic growth. He highlighted that in 2023, the Bank provided over GHS 2 billion in credit to businesses across key sectors such as agriculture, manufacturing, services, and commerce.

“Over 10 percent of our loan portfolio is dedicated to supporting agricultural businesses, from established enterprises to small-scale entrepreneurs,” Opuni noted.

Mr. Opuni also announced plans to expand support for early-stage agribusinesses, particularly those led by female entrepreneurs. He highlighted the Mastercard BRIDGE-in Agriculture programme, designed to support smallholder farmers, especially women and youth, and create jobs over the next five years.

This initiative underscores Fidelity Bank’s commitment to fostering inclusive growth and economic empowerment within the agricultural sector.

In addition to its focus on agribusiness, Fidelity Bank is investing in various strategic initiatives to ensure sustainable growth and value creation. The Bank’s partnership with FinTech firms is aimed at integrating advanced technologies into its operations, enhancing service delivery, and providing innovative financial solutions to its customers.






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