OmniBSIC Bank has turned losses into profitability for the first time since its merger in 2019.
The bank recorded a gross profit of GH¢8.69 million in the first quarter of this year, compared to a loss of GH¢9.27 million in the same period of 2021.
The bank’s unaudited financial statements for the first quarter of 2022 indicate that it also ended the quarter with a stronger balance sheet, driven by robust growth in deposits, loans and advances, as well as investments.
Customer deposits increased from GH¢1.11 billion in the first quarter of 2021 to GH¢1.78 billion in the same period this year.
While loans and advances increased by 71% from the previous quarter to reach 449.87 million GH¢ as of March 31, investments increased by more than 30% to reach 1.18 billion GH¢ during the period. considered.
This profit marks a new chapter for the lender whose operations have been stabilized and refocused as a partner to companies and the provision of tailor-made solutions.
It also showed that new measures aimed at re-anchoring operations on the path to profitability have started to bear fruit.
The results further showed that the bank strengthened its liquidity position, with cash and balances with other banks nearly doubling over the period.
OmniBSIC Bank’s return to profitability is positive for small and medium-sized enterprises (SMEs), the private sector and the economy in general.
This shows that the Ghanaian-majority lender is now firmly entrenched in providing financing and related services to businesses and entrepreneurs to recover from the effects of the COVID-19 pandemic.
Last year, new funds and talent, led by savvy banker Daniel Asiedu as Managing Director, were injected into the bank to enable it to meet growing customer needs.
Mr. Asiedu said in an interview that these measures had yielded the desired result, as evidenced by the first quarter results.
OmniBSIC’s chief executive told the Daily Graphic over the weekend that the first profit marked a new start in the bank’s young history.
He also attributed it to the continued growth in customer confidence in the brand and its ability to meet their needs, noting that the general public was beginning to accept that the bank offered the right products and services for their banking needs.
Mr Asiedu, who is also president of Fountain Gate Chapel, described the achievement as “significant and extremely motivating for the board, management and staff to do better”.
“For us here, we expect to do better for customers and for the trend of profitability to continue. It’s about understanding the market and being able to offer what’s superior and when it comes to that you can count on the expertise of the board, management and staff.
“We have seen a huge turnaround in a way that tells us that if we continue to work hard and do things well, God will continue to bless us,” the Fountain Gate Chapel pastor added.
Initially, a board member of the bank, Mr. Asiedu, who is a former Managing Director of the Agricultural Development Bank (ADB) and Zenith Bank Ghana, took over the management of OmniBSIC in May from last year as part of a revitalization program designed to make customers love the bank and its services.