"First National Bank Ghana grows assets to GHS 3.71bn, ends 2023 with 19.18% CAR"

" First National Bank Ghana grows assets to GHS 3.71bn, ends 2023 with 19.18% CAR \r\n\r\nFirst National Bank Ghana for the 2023 fiscal year grew the value of its assets to GHS 3.71bn from the previous year's assets value figure of GHS 3.06bn.\r\n\r\nGrowth in the bank\u2019s assets value was underpinned by increments in its cash and cash equivalents (GHS 1.23bn), loans and advances (GHS 1.12bn), non-pledged trading assets (GHS 134m), and investment securities (GHS 1.02bn).\r\n\r\nLiabilities of the bank driven largely by growth in customer deposits (GHS 2.44bn) ended the year at GHS 3.36bn.\r\n\r\nGrowth in customer deposit indicates customer trust in the bank and further strengthens the bank's credit creation ability.\r\n\r\nLoan asset quality of the Bank measured by its non-performing loans deteriorated slightly to 11.16% from the previous year\u2019s figure of 7.09%.\r\n\r\nThe Bank\u2019s NPL is, however, significantly below the industry\u2019s average NPL of 24.6%.\r\n\r\nFirst National Bank Ghana ended the year with a Capital Adequacy Ratio (CAR) of 19.18% which is well above the industry\u2019s average CAR of 13.6%, indicating the bank is solvent and financially stable.\r\n\r\nMeanwhile, the bank recorded a loss of GHS 2.5m for the 2023 review year mainly due to increased operational expenses.\r\n\r\nOperational expenses of First National Bank Ghana at the close of the 2023 fiscal year amounted to GHS 292m, a slight increase from the previous year\u2019s operating expenses of GHS 289m.\r\n\r\nThe Bank\u2019s operating income net of impairment loss on financial assets at end-2023 stood at GHS 290m, indicating a recorded loss of GHS 2.5m for the Bank in the review year.\r\n\r\nInterest payments on customer savings and investments (GHS 284m), fees and commission expenses (GHS 30m), Personnel expenses (GHS 173m), and other operating expenses (GHS 83m) among others are what accounted for the Bank\u2019s high operating expenses.\r\n\r\nThe GHS 2.5m recorded loss for 2023 is, however, a significant improvement on the GHS 340m loss recorded in 2022 on the back of the Government\u2019s domestic debt restructuring programme.\r\n\r\nDirectors of the Bank have considered the bank\u2019s ability to continue as a going concern despite the recorded GHS 2.5m loss and have no reason to believe the business will not be a going concern.\r\n\r\nGoing concern is an accounting term, which means a business is financially stable and can operate with the expectation of indefinite existence.\r\n\r\nThe Bank notes that its aim is to achieve an appropriate balance between risk and return and minimize potential adverse effects on its financial performance.\r\n\r\n "

"First National Bank Ghana grows assets to GHS 3.71bn, ends 2023 with 19.18% CAR"

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