FBNBank posts strong financial performance in 2021
Financial services provider, FBNBank, has seen its profit before tax more than double for the 2021 financial year, as it grew by 112 per cent to close at GH¢111.8 million, its audited financial statement for the period under consideration has shown.
The growth was anchored on year-on-year appreciation in net interest income at 16.9 percent and income from fees and commission of 24.7 percent.
Revenue and pre-tax profit for the year saw a jump of 55.8 per cent and 112.3 per cent to end the period at GH¢219.8 million and GH¢111.8 million respectively.
FBNBank grew its loan book by 13 per cent from GH¢533.2 million in 2020 to GH¢602.2 million in 2021 in spite of the difficult economic conditions.
Assets of the bank grew to GH¢1.9 billion from the GH¢1.8 billion recorded in the previous year and improved on its Non-performing Loans as it recorded a drop in NPL by 3.33 per cent to end the year at 4.25 per cent.
The financial statement indicated that the bank recorded Capital Adequacy Ratio, which measures the bank’s available capital relative to its risks, especially loans and advances, of 63 per cent, above the regulatory minimum requirement of 11.5 per cent and industry average of 20 per cent.
According to the statement, FBN Bank also doubled its earnings per share (EPS) from 9 pesewas in 2020 to 18 pesewas in 2021.
Commenting on the bank’s performance, the Managing Director, Victor Yaw Asante, said “we are focused on delivering growth on all the key indicators ensuring that we stay connected to our core business of placing the customer at the heart of what we do.”
He stressed “Our twin engines of retail and corporate banking have propelled our performance in the right direction and we are happy to note that we are on track with the right momentum to claim our place in the industry. We look forward to a more engaging 2022, where we will be more committed to our stakeholders by meeting their needs, delivering our gold standard of value and excellence.”
Earlier this year FBNBank Ghana announced its objective of becoming a tier one bank and by so doing, contributing significantly to the country’s economy.
The bank’s area of focus for this year are the Small and Medium Enterprises (SMEs) segment, Retail and the Youth.
Already, the bank has opened two new branches for business at Atomic Junction and Abossey Okai since January, indicating a strong commitment to deliver on their objective through a greater engagement with their key segments.
According to Semiu Lamidi, Executive Director and Chief Financial Officer, “FBNBank has indicated clearly through our 2021 performance and recent commitments that it aims to deliver significant contributions to the economy of Ghana. Our value contribution to all stakeholders has increased and the good thing is that we are even more committed to deliver improved performance this year.”
BY TIMES REPORTER