Total assets value of First Atlantic Bank recorded at end-March 2021, amounted to Ghs 3.3 billion.
The recorded total assets value represents a year-on-year increase of Ghs 715 million (21.6 percent) when compared to last year’s assets value of Ghs 2.6 billion.
Growth in assets value witnessed over the period under review, was supported by improvements in the bank’s cash and cash equivalent, trading assets, loans and advances to customers and other assets.
First Atlantic Bank’s cash and cash equivalent grew from Ghs 650 million in Q1 2020 to Ghs 702 million in Q1 2021.
Trading assets as well as loans and advances both grew from Ghs 841 million to Ghs 1.18 billion and Ghs 586 million to Ghs 633 million in Q1 2020 and Q1 2021 respectively.
The bank’s other assets also increased from Ghs 388 million in Q1 2020 to Ghs 634 million in Q1 2021.
Recorded total liabilities also saw an increase of Ghs 617 million (22.8 percent) on a year-on-year basis.
Total liabilities at end-Q1 2020 stood at Ghs 2.1 billion, but increased to Ghs 2.7 billion at end-Q1 2021.
Deposits from customers was the main contributory factor to the increase in the bank’s liabilities. Deposits at end-Q1 2021, amounted to Ghs 2.6 billion.
Profit recorded for Q1 2021, was Ghs 21.7 million, an increase of Ghs 7.3 million (33.6 percent) over last year’s Ghs 14.4 million recorded for Q1 2020.
The growth in the bank’s Q1 2021 profit, was supported by increments in its net interest income and operating income.
First Atlantic Bank also increased its loan asset quality by reducing its non-performing loans (NPLs) as a ratio of gross loans to 13 percent end Q1 2021 from 25 percent at end Q1 2020.
