Wednesday, December 14, 2016 11.25 AM / News
Fidelity Bank has emerged as Ghana’s bank of the year at the The Banker’s seventeenth (17th) annual Bank of the Year awards held at the Hilton London Bankside on December 07, 2016.
Commenting on Fidelity Bank’s accomplishment, the judges gave the following citation:
Fidelity Bank wins Bank of the Year Award, Ghana
In a highly competitive banking sector Fidelity Bank has emerged as the standout entrant for the Ghana country award. Sound portfolio management, a commitment to innovation and an excellent financial performance all contributed to the judging panel’s decision.
In local currency terms, Fidelity Bank’s Tier 1 capital increased by 31% in 2015 while its total assets and net profits grew by 36% and 83%, respectively. Similarly, return on equity hit 33% in 2015, up from 31% in the previous year, while its cost-to-income ratio fell to 53%, from 56% in 2014.
To better tackle non-performing loans (NPLs), Fidelity Bank established a dedicated recoveries unit, while its strategy of booking only the highest quality assets has led to the lender’s loan book dramatically outperforming the sector average. In 2015, the industry NPL ratio was 15% against Fidelity Bank’s 2.27%.
In 2015, Fidelity Bank completed the acquisition of ProCredit Savings and Loans. The deal has bolstered Fidelity Bank’s position in the small and medium-sized enterprise (SME) market, in which ProCredit was a focus, while growing the bank’s footprint by a further 75 branches, 109 ATMs and a further 693,000 customers.
Fidelity Bank also launched a partnership with IBM to manage the bank’s technology infrastructure, which improved standards of service delivery and consolidated its position in the market.
The bank’s SME Business Academy also impressed the judges. Acting in a capacity-building function, the academy helps SMEs to develop a sound governance culture, unlock growth opportunities and make these entities more bankable over the long term. Experts specialised in different industries train the businesses listed in the academy.
1. Bank of the Year Awards 2016 – Africa