Global Credit Ratings (GCR), an international rating agency, has upgraded Fidelity Bank Limited’s national scale long-term issuer rating from A to A+ and has affirmed the Bank’s short term issuer ratings of A1 with a Stable Outlook.
GCR lists Fidelity Bank’s sound domestic franchise, good distribution network and local geographic diversification, stable funding structure and good levels of liquidity as factors that underpinned the ratings. The agency added that “the ratings also factor sound capitalisation supported by robust internal capital generation…”
According to GCR, Fidelity Bank Limited is adequately capitalized with a forecast capital ratio of 25% over the next 12 to 18 months. The agency also indicated that the ratings may improve should the bank further diversify its revenue sources and maintain an internal capital generation rate of over 30%.
Commenting on GCR’s upgraded ratings, Managing Director of Fidelity Bank Ghana, Julian Opuni, said: “The recognition and upgrade issued by a reputable international agency speaks volumes about Fidelity Bank’s commitment to building a good governance culture and an effective risk culture for the benefit of all our stakeholders. This also represents the results of the loyalty and hard work of our staff over the years as well as the confidence that our customers have in us.
“Fidelity Bank is grateful to each and every one who continues to support the Bank to achieve great feats such as this. It is also our promise to consolidate our gains to ensure that Fidelity Bank is still positioned as one of the leading financial institutions in Ghana that continues to create value for all its stakeholders,” Mr. Opuni added.
In a little over a decade, Fidelity Bank Ghana has grown from a discount house to a Tier-1 Bank and is now the largest privately-owned Ghanaian Bank. The bank serves its approximately 2 million customers in 75 branches across Ghana and is a leader in the digital banking space.
The bank has two subsidiaries, Fidelity Asia Bank Limited, which is a wholly owned subsidiary in Malaysia and Fidelity Securities Limited, an asset management firm. In a short period of time, Fidelity Bank has become a household name in Ghana by adopting a customer-centric culture and delivering consistently on the promise of making a difference in the lives of all stakeholders.
