Rédaction Africa Links 24 with Ghanaian Times
Published on 2024-04-16 06:20:38
The OmniBSIC Bank has proven to be one of the fastest-growing banks in the country, showing impressive results after a debt restructuring program. The bank’s profit increased by 218% to GH¢150.6 million in 2023, a significant turnaround from the previous year’s loss. Additionally, the bank’s total assets rose by 86% to GH¢5.7 billion in the same year.
An in-depth analysis of the bank’s financial statement revealed that OmniBSIC Bank is more profitable, liquid, well-capitalized, and efficient in deploying its assets. The bank first posted a profit of GH¢8.69 million in the first quarter of 2022 after experiencing losses since its inception in 2019. This marked the beginning of a profitable streak for the bank, despite facing challenges from the domestic debt exchange program.
In 2022, the bank suffered a loss of GH¢127.5 million due to impairments resulting from the debt exchange program. However, the bank showed a remarkable turnaround in 2023, with all revenue lines experiencing significant growth rates. The Managing Director, Mr. Daniel Asiedu, attributed this success to the hard work and renewed commitment of the staff to better serve customers and earn their trust.
Mr. Asiedu emphasized the importance of focusing on customer needs and delivering value to them. The bank’s financial statement for the year indicated that the record-high profit was driven by a combination of strong growth in interest income and well-managed expenditures. Gross earnings rose by 114% to GH¢920 million, with operating income more than doubling to GH¢534 million.
Operational efficiency improvements led to a decrease in the cost-to-income ratio from 90% in 2022 to 60% in 2023. The bank’s strong balance sheet was supported by a significant increase in customer deposits, which rose by 93% to approximately GH¢4.9 billion. Furthermore, OmniBSIC Bank maintained a high capital adequacy ratio of 22.5%, almost double the regulatory requirement.
The bank’s earning assets grew by 105% in 2023, reaching GH¢4.3 billion. The return on equity (ROE) improved from a negative 47% in 2022 to a positive 26% in the year under review. Mr. Asiedu praised the staff and management for their dedication and commitment, promising to continue meeting the financial needs of the public.
Under his leadership, the bank has focused on aligning with its vision to be the top bank in customer service delivery and stakeholder value creation. The bank has also strengthened its corporate governance structures and invested in infrastructure to comply with regulatory directives.
Mr. Asiedu expressed optimism about the bank’s future and urged customers to give OmniBSIC Bank a chance to serve them. He highlighted the bank’s commitment to working closely with customers to grow their businesses and create a brighter future together.
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