"OmniBSIC Bank posts strong results for Q1; pledges increased support to businesses"

" OmniBSIC Bank posts strong results for Q1; pledges increased support to businesses \r\n\r\n \r\n Ghana\u2019s fastest-growing bank, OmniBSIC Bank Plc, has opened 2024 positively by delivering strong results in the first quarter which is a strong indication of superior returns to shareholders and higher value for businesses this year. \r\n \r\nThe bank\u2019s profit soared by more than 58 per cent to GH\u00a282.58 million in March while liquidity and the balance sheet gained more robustness within the period, its first quarter financial statements showed.\r\n\r\nAll other financial metrics also registered strong growth in the first three months, in a perfect continuation of the impressive performance chalked up in 2023.\r\n\r\nLast year, the bank emerged stronger from the debt restructuring program, with an impressive performance that resulted in one of the biggest profitability ratios in the banking sector.\r\n\r\nProfit rose by 218 percent to GH\u00a2150.6 million in 2023, indicating a significant turnaround from the loss suffered in the previous year.\r\n\r\nThe Managing Director of OmniBSIC Bank, Mr Daniel Asiedu said the strong performance in the first quarter of 2024 further consolidates the bank\u2019s growth strategy and its capacity to deliver superior value for stakeholders.\r\n\r\nMr. Asiedu, in his statement, promised to continue to motivate the staff to keep up the momentum, noting that the impressive performance in 2023 and the first quarter of this year was the result of a concerted effort to improve operational efficiency and asset quality while growing funded income.\r\n\u201cThe plan is to entrench both profitability and a robust balance sheet,\u201d the astute banker with more than 30 years of experience managing banks said.\r\n\r\n Liquidity \r\n\r\nBeyond the strong profit, OmniBSIC\u2019s financial results showed that the bank remained liquid and well-capitalized in the first quarter.\r\n\r\nDeposits with banks and other financial institutions rose by more than 57 per cent to GH\u00a25.5 billion in the first quarter from GH\u00a23.5 billion in the same period last year.\r\n\r\nConsequently, the bank\u2019s liquidity ratio stood at 93.81 per cent, indicating a liquid and resilient Bank.\r\nThe capital adequacy ratio (CAR) was also 19.66 per cent, reflecting a well-capitalized bank at a time when remnants of the economic crisis that eroded the capitals of most banks still linger.\r\n\r\n Other indicators \r\n\r\nThe results further showed that OmniBSIC Bank enjoyed strong growth in almost all income lines.\r\nInterest income rose by 681 per cent to GH\u00a2284.99 million in March 2024, buoyed largely by substantial growth in net trading income.\r\n\r\nOmniBSIC Bank also posted significant growth in its earning assets to consolidate its position as a robust lender and partner to businesses.\r\n\r\nInvestments enjoyed significant growth, rising from GH\u00a22.99 billion to GH\u00a24.34 billion in the first quarter of 2024.\r\nImpact\r\n\r\n Profitability trajectory \r\n\r\nOmniBSIC Bank posted its maiden profit of GH\u00a28.69 million in the first quarter of 2022 after ending a loss streak since its takeoff in 2019.\r\n\r\nIt had since remained profitable, posting impressive results quarter after quarter.\r\n\r\nThat profitable run was, however, hampered by the domestic debt exchange program (DDEP) that deteriorated the non-performing loans (NPLs) of the banking sector, resulting in the creation of GH\u00a220.8 billion and GH\u00a24.33 billion new bad loans for banks in 2022 and 2023 respectively.\r\n\r\nIts Managing Director recently described the babk\u2019s 2023 profit as a critical turnaround in the strive to reposition the bank as a preferred lender for businesses and households.\r\n\r\nMr Asiedu, who is a Reverend Minister and Chairman of the International Presbytery of the Fountain Gate Chapel told the media that the bank was putting in its best to serve customers and post strong results.\r\nHe stressed that the bank would not post impressive results if it did not offer superior services and products and thus asked businesses and individuals to approach it for service.\r\n\r\nThe former MD of Zenith Bank and the Agricultural Development Bank said the OmniBSIC will increase its deposit mobilization and lend more to businesses this year as it aims to expand its support to both private and public enterprises."

"OmniBSIC Bank posts strong results for Q1; pledges increased support to businesses"

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