Banking & Finance

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


Ghana’s 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.

The bank’s profit soared by more than 58 per cent to GH¢82.58 million in March while liquidity and the balance sheet gained more robustness within the period, its first quarter financial statements showed.

All other financial metrics also registered strong growth in the first three months, in a perfect continuation of the impressive performance chalked up in 2023.

Last 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.

Profit rose by 218 percent to GH¢150.6 million in 2023, indicating a significant turnaround from the loss suffered in the previous year.

The Managing Director of OmniBSIC Bank, Mr Daniel Asiedu said the strong performance in the first quarter of 2024 further consolidates the bank’s growth strategy and its capacity to deliver superior value for stakeholders.

Mr. 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.

“The plan is to entrench both profitability and a robust balance sheet,” the astute banker with more than 30 years of experience managing banks said.


Beyond the strong profit, OmniBSIC’s financial results showed that the bank remained liquid and well-capitalized in the first quarter.

Deposits with banks and other financial institutions rose by more than 57 per cent to GH¢5.5 billion in the first quarter from GH¢3.5 billion in the same period last year.

Consequently, the bank’s liquidity ratio stood at 93.81 per cent, indicating a liquid and resilient Bank.

The 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.

Other indicators

The results further showed that OmniBSIC Bank enjoyed strong growth in almost all income lines.
Interest income rose by 681 per cent to GH¢284.99 million in March 2024, buoyed largely by substantial growth in net trading income.

OmniBSIC Bank also posted significant growth in its earning assets to consolidate its position as a robust lender and partner to businesses.

Investments enjoyed significant growth, rising from GH¢2.99 billion to GH¢4.34 billion in the first quarter of 2024.

Profitability trajectory

OmniBSIC Bank posted its maiden profit of GH¢8.69 million in the first quarter of 2022 after ending a loss streak since its takeoff in 2019.

It had since remained profitable, posting impressive results quarter after quarter.

That 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¢20.8 billion and GH¢4.33 billion new bad loans for banks in 2022 and 2023 respectively.

Its Managing Director recently described the babk’s 2023 profit as a critical turnaround in the strive to reposition the bank as a preferred lender for businesses and households.

Mr 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.

He 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.

The 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.

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