Fidelity Bank has been able to meet Bank of Ghana's (BoG) GHS400m new minimum capital requirement.
This was achieved after shareholders of the bank passed a special resolution to move GHS50 million from its income surplus and to add it to the existing stated capital GHS354 million on November 30.
Details of meeting the capital requirement
Fidelity Bank had about GHS264 million minimum capital requirement even before this year. In April 2018, GHS20 million was moved from its income surplus and added to this figure.
In October GHS70 million was brought in as fresh capital before the GHS50 million resolution on Friday, November 30 to increase the stated capital to more than GHS400 million.
According to Fidelity Bank, its financial standing over the years has been strong adding the bank did not find raising additional capital a challenge.
According to the Bank, in December 2017 it ranked first in terms of top 10 banks in the country with a Capital Raito. Also, in terms of deposit-to-loan ratio, Fidelity Bank figures show it still has about 27 per cent more than most of the banks in the country.
Fidelity Bank now joins the growing list of Banks that have met the minimum capital requirement before the December 31 deadline.
According to Central Bank of Governor, Dr Ernest Addison, 22 commercial banks have met the new capital levels of GHS 400 million as the end of November 2018.
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