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First Atlantic Bank adds GHS 1.3bn to assets value, records 52% growth in profit

3 years ago
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First Atlantic Bank adds GHS 1.3bn to assets value, records 52% growth in profit

Total assets value of First Atlantic Bank witnessed a GHS 1.3bn increase last year – 2021.

The recorded increase in the bank’s assets value pushed its total assets value to GHS 4.67bn at end-December 31, 2021.

Compared to the GHS 3.36bn total assets value recorded in 2020, the end-2021 total assets value marks a 39% year-on-year increase.

Mainly accounting for the increase in First Atlantic Bank’s assets value was the 66% year-on-year increase in loans and advances made to customers.

Loans and advances made to customers for the review period grew from GHS 609m in 2020 to GHS 1.01bn in 2021.

According to the Bank, loans and advances made in the review period went into supporting key sectors of the economy.

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Recorded profit-before-tax amounted to GHS 156m, a 52 percentage points increase from the previous year’s GHS 103m.

Factors that accounted for the increment in the profit-before-tax were operating income which increased GHS 305m to GHS 391m YoY, net interest income which grew by 51 % to GHS 299m as well as net fees and commissions which grew from GHS 45m to GHS 57m.

Capital Adequacy Ratio (CAR) which measures the bank’s ability to absorb bad loans stood at 22% at end-2021.

First Atlantic Bank’s 22% CAR is in excess of the Bank of Ghana’s 10% CAR minimum regulatory requirement.

First Atlantic Bank’s end-of-2021 liquidity ratio stood at 60%, this confirms the bank’s ability to meet customers’ obligations when they fall due.

Highlights of First Atlantic Bank’s 2021 Financial Statement:

Source: norvanreports
Tags: Bank of Ghana (BoG)First Atlantic Bank adds GHS 1.3bn to assets valueghanarecords 52% growth in profit
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