First Atlantic Bank grows total assets value to GHS 6.3bn in Q3 2022
Total assets value of First Atlantic Bank (FAB), grew by some GHS 2.1bn year-on-year to end the third quarter of 2022 at GHS 6.3bn.
Total assets value of First Atlantic Bank in Q3 2021 stood at GHS 4.1bn.
Growth in the bank’s total assets value per its Q3 2022 Financial Statement, was on the account of increments in cash and cash equivalents and loans and advances to customers.
First Atlantic Bank’s cash and cash equivalents ended Q3 2022 at GHS 2.08bn from the previous figure of GHS 718m in Q3 2021.
Loans and advances to customers also ended Q3 2022 at GHS 1.3bn from the previous figure of GHS 728m in Q3 2021.
A perusal of the bank’s Q3 2022 financial statement reveals a corresponding GHS 2.1bn increase in liabilities of the bank.
Accounting for the growth in liabilities was the rise in customer deposits which stood at GHS 4.6bn at end-Q3 2022.
Recorded net profit for the period under review was GHS 79m, a decline from the GHS 83m net profit recorded in Q3 2021.
Asset quality of the bank within the review period witnessed some improvement as the bank reduced its gross non-performing loans from 15% in Q3 2021 to 12% in Q3 2022.
The reduction in non-performing loans indicates the use of effective loan recovery methods by the bank.
Capital Adequacy Ratio of the bank within the review period however, witnessed a decline from 21% in Q3 2021 to 19% in Q3 2022.
Despite the decline, the bank’s Capital Adequacy Ratio still remains above the Central Bank’s minimum Capital Adequacy Ratio requirement of 13%.
