Fidelity Bank sinks wells for thirsty villagers

By James Anyanzwa

Fidelity Commercial Bank has joined a growing list of corporates dishing out part of their mega profits as part of Corporate Social Responsibility.

The bank spent over Sh1 million sinking water wells to ease water shortages in the coastal strip of Kenya.  The water wells sunk at Muyu wa Kae and Musmarini villages next to Malindi town will reduce water shortages in the region and ensure more girls stay in school.

Girls from the two villages, which have a combined population of 3,300 people, have been forced to abandon education and spend their days searching for water instead.  In a statement, the bank said girls from the region walk more than four kilometres daily to find water for domestic use.

“Water is life, and in hardship areas, it is a basic need for survival. Communal fights have erupted for control of water points and grazing areas,” the bank said.

Fidelity Commercial Bank’s profit before tax (PBT) for the period ended June this year dropped 37 per cent to Sh122 million, compared to Sh193 million in a similar period last year.

The decline was attributed to low activities in the bonds market. 

Customer deposits grew 35 per cent to Sh8 billion from Sh5.9 billion, while total assets surged 35 per cent to Sh9 billion from Sh6.7 billion in a similar period.

Shareholder funds jumped 42 per cent to Sh888 million from Sh627 million.

The bank expects to launch a series of low-end products targeting individuals and the small and medium-sized (SMEs) businesses in order to boost its earnings.

“These products shall provide the best services to every individual client and help in improving not just the Kenyan banking infrastructure, but also in strengthening all economic levels of the society.”