OMNIBSIC Bank posts stellar Q3 2023 results with triple-digit profit growth
OMNIBSIC Bank posted impressive financial results for the third quarter of 2023, showcasing a remarkable surge in profitability and overall performance.
The bank reported a noteworthy profit before tax of GHS 153.6 million at the close of Q3 2023, marking a substantial growth of 316% when compared to the GHS 36.9 million recorded during the same period the previous year. This stellar profit expansion underscores the efficacy of the bank’s financial strategies.
OMNIBSIC Bank’s net interest income experienced an astounding ascent, skyrocketing by 224% from GHS 89 million to GHS 289 million during the same period. This surge in interest income is a testament to the bank’s dynamic lending and investment activities.
Gross revenue surged from GHS 286 million to GHS 667 million, an impressive 133% growth over the year. Operating income similarly demonstrated remarkable progress, soaring by 142% from GHS 154 million to GHS 373 million as of September 2023.
The bank’s non-funded income witnessed a commendable 29% increase, climbing from GHS 65 million to GHS 84 million over the same period. This upswing can be attributed to the bank’s astute digitalization initiatives, which have likely bolstered fee-based income.
OMNIBSIC Bank’s keen focus on operational efficiency is evident in the reduction of its cost-to-income ratio, which improved to 30% as of September 2023, a significant gain from the 39% reported in September 2022. This signifies the bank’s judicious management of operational costs.
The bank’s total assets surged by an impressive 78%, reaching GHS 4.8 billion in September 2023 from GHS 2.7 billion in September 2022, primarily attributed to the bank’s successful deposit mobilization endeavors.
Customer deposits witnessed a substantial growth, increasing by 104% from GHS 1.97 billion to GHS 4.01 billion as of September 2023, underscoring the bank’s unwavering commitment to attracting and retaining customer funds.
OMNIBSIC Bank’s Return on Equity (ROE) showcased remarkable progress, climbing from 9% to an impressive 43% as of September 2023. Additionally, the bank’s Capital Adequacy Ratio (CAR) stood at a robust 18.4%, comfortably exceeding the regulatory minimum of 13%, underscoring the bank’s formidable capital position.
The bank’s earning assets were pegged at GHS 3.8 billion in September 2023, marking a substantial 88% growth. This figure illustrates the bank’s robust investment activities and adept asset management capabilities.
OMNIBSIC Bank’s exceptional financial performance in Q3 2023 underscores its successful business strategies, prudent financial management, and unwavering commitment to delivering value to its stakeholders. The bank’s triple-digit profit growth, expansion in balance sheet size, and improved financial ratios position it as a formidable and dynamic force in Ghana’s financial sector.
