Fidelity launches black card with $250,000 credit limit
Fidelity Bank (Bahamas) Limited is expanding its credit card offerings with the recent launch of a by-invitation-only black card for preferred clients, and a credit limit of up to $250,000.
Fidelity’s President of Retail Banking Gregory Bethel said in the context of banks that are shedding customers and closing branches, the company is expanding its customer base with this new offering.
“Since 2010, when we look back over the last seven years, we have grown our customer base for loans and deposits from a little over 17,000 accounts to over 27,000 accounts. That’s approximately ten thousand customers over that period of time or about 1,300 customers each year,” he said at the exclusive launch event at The Ocean Club last week.
“Our credit card customers have grown from approximately 2,000 customers back in 2010 to almost 6,000 customers and tonight we are adding a special group of customers with the launch of this card.
“Our balance sheet which is the size of the bank has grown from a little over $280 million to well over $665 million during that period. And the most important number, our annual net income has grown from $1.6 million to well over $21 million over that seven-year period, a growth of 1,219 percent.”
The new product comes on the heels of a prosperous first quarter for the bank, which experienced $5 million growth with its loans and advances portfolio, which led to an increase in interest income of $1 million.
“Some of you are also shareholders, so the good news for you is back in 2010 our share price was $2.17 and today the share price is $11.25. That’s a profit of over 417 percent and let me add our dividend yield is 4.44 percent,” Bethel said at the launch event.
“Most companies have a vision or a mission statement, but not at Fidelity; we have a paradigm – our people, our products and our performance are better all the time. Fidelity Bank has always been innovative with products. We were the first bank to introduce debit cards in The Bahamas. We were the first bank to introduce money back mortgages – where you take a mortgage and a part of your payment we put in an investment program.
“We were the first to have a debt saver personal loan where you borrow money from Fidelity and we take a portion of the monthly payment and put it in a savings account and actually pay you five percent interest. So it shouldn’t surprise you that we are assembled here today with another first, another innovative product, and this is the black Mastercard.”