Total assets value of First National Bank Ghana recorded at end-March 2021, amounted to Ghs 2.1 billion.
The recorded total assets value represents a year-on-year increase of 47.3 percentage points as assets value grew by more than Ghs 1 billion when compared to last year’s assets value of Ghs 1.1 billion.
Growth in assets value witnessed over the period under review, was supported by improvements in the bank’s cash and cash equivalent, non-pledged trading assets, and loans and advances to customers.
FNB Bank’s cash and cash equivalent grew from Ghs 271 million in Q1 2020 to Ghs 385 million in Q1 2021.
Non-pledged trading assets, as well as loans and advances both, grew from Ghs 80 million to Ghs 188 million and Ghs 128 million to Ghs 703 million in Q1 2020 and Q1 2021 respectively.
Recorded total liabilities also saw a corresponding increase of Ghs 1 billion on a year-on-year basis.
Total liabilities at end-Q1 2020 stood at Ghs 683 million, but increased to Ghs 1.6 billion at end-Q1 2021.
Borrowings made by the bank as well as deposits from customers drove FNB Bank’s liabilities as the two items on the balance sheet ended Q1 2021 valued at Ghs 480 million and Ghs 997 million respectively.
Profit recorded for Q1 2021, was Ghs 4.8 million, a marginal increase of Ghs 400,000 over last year’s Ghs 4.4 million recorded for Q1 2020.
The marginal increment in the bank’s profit was supported by improvements in its net interest income and operating income.
Net interest income grew from Ghs 16 million to Ghs 25 million in Q1 2020 and Q1 2021 respectively.
Operating income for the period under review also rose from Ghs 27 million in Q1 2020 to Ghs 47 million in Q1 2021.
However, the bank’s Capital Adequacy Ratio (CAR) declined from 98 percent in Q1 2020 to 40.62 percent in Q1 2021.
But despite the fall, the bank’s present CAR of 40.62 percent is way above the Bank of Ghana’s regulatory requirement of 13 percent.
Meanwhile FNB Bank’s loan asset quality worsened as its Non-Performing Loans declined by 2.49 percent on a year-on-year basis from Q1 2020 to Q1 2021 on the back of the Covid-19 pandemic.
