OmniBSIC posts 218% growth in profit-before-tax in 2023
The 2023 fiscal year was a good one for OmniBSIC as the bank recorded an impressive 218% growth in profit-before-tax.
The bank grew its profit-before-tax from a loss of GHS 127m in 2022 attributable to the Government‘s domestic debt exchange programme to GHS 150m at end-2023.
Assets value of OmniBSIC at the close of 2023 amounted to GHS 5.7bn, an increase of some GHS 2.6bn year-on-year increase when compared to the GHS 3.1bn assets value recorded at end-2022.
Within the review period, the bank’s earning assets witnessed a significant growth of 105% to end 2023 at GHS 4.3bn.
Customer deposits with the bank within the review period also witnessed a surge recording a 93% year-on-year increase from GHS 2.5bn in 2022 to GHS 4.87bn in 2023.
The growth in the bank’s customer deposits is indicative of the trust customers have in the bank and further strengthens the credit creation ability of the bank.
Regarding Capital Adequacy Ratio (CAR), OmniBSIC’s CAR at the close of 2023 stood at 22.5% which is higher than the industry’s average of 13.6% as well as the regulatory minimum of 13% stipulated by the Central Bank.
Within the review period, the bank’s return on equity for shareholders significantly improved ending the year at 26% from a loss of 47% in 2022.
