First National Bank ends Q2 2022 with GHS 2.8bn asset base value
South African-owned Bank, Frist National Bank (Ghana), ended the second quarter of 2022 with a total asset base value of GHS 2.8bn.
Compared to the asset base value of the bank same period last year, this marks an increase of GHS 643m (28.9%) in asset value.
Mainly accounting for the increment in the bank’s asset base was a surge in its cash and cash equivalents which grew from GHS 474m in Q2 2021 to GHS 830m in Q2 2022.
Increments in loans and advances (GHS 907m) and investment securities (GHS 932m) also contributed to the increase in asset base value.
Regarding liabilities incurred for the review period, First National Bank on a year-on-year basis and as at end-Q2 2022, had recorded total liabilities of GHS 2.3bn.
Compared to the previous year’s – Q2 2021 – liabilities of GHS 1.6bn, this marks an increase of GHS 618m.
A perusal of the bank’s Q2 2022 Summary of Financial Statements indicates that deposits from customers was the major contributory factor to the increase in the bank’s liabilities.
Deposits from customers as indicated in the Financial Statement grew from GHS 1.2bn in Q2 2021 to GHS 1.5bn in Q2 2022.
Other elements that accounted for the increase in liabilities were borrowings and “other liabilities” of GHS 619m and GHS 121m respectively.
For the review period, First National Bank recorded a total comprehensive income of GHS 6.7m, a marginal increment from the GHS 6.6m recorded same period last year.
The bank within the review period, reported healthy levels of non-performing loans (NPLs) ratio of about 5%.
The bank’s NPL ratio of 5.4% is way below the banking industry’s average NPL of 14%.
Read details of the Financial Statement below:
