OmniBSIC Bank supports economy with GH¢714m …posts GH¢36.9m profit in Q3

OmniBSIC Bank has expanded its support to businesses and the economy in general with a strong growth in the loans and advances granted to firms and individuals in the third quarter of the year.

The bank grew its loan book by 112.7 percent in the third quarter of this year to GH¢714.3 million in the quarter under review.

Its total loans and advances were GH¢335.7 million in the third quarter of last year but more than doubled in the same quarter this year as more businesses and institutions sought financial support from it to expand their operations.

The bank’s third quarter financial statement showed that the strong growth in the loan book combined with similar growths in deposits and investments to give the bank a strong balance sheet.

The results have since been published in line with Bank of Ghana requirements of licensed banks.

The results further showed that OmniBSIC, which is wholly indigenous, extended its profitability by one more quarter, in an impressive streak of gains that have now become part of its’s brand.

The bank posted a gross profit of GH¢36.93 million in the third quarter of this year to sustain its profit run and cement a turnaround that begun in the first quarter of 2022.

The significant profit posted in the third quarter of 2022 compares to a loss of GH¢10.44 million that the bank suffered in the same period last year, the statement showed.

This now makes it the third quarterly profit in a row by the bank after it posted its maiden profit of GH¢8.69 million in the first quarter of this year.

In the second quarter, OmniBSIC grew the profit significantly to GH¢25.04 million before stretching it further to GH¢36.93 million in the quarter under review. 

The Managing Director of OmniBSIC, Daniel Asiedu, said in an interview on October 13 that the higher profit was the result of the hard work and commitment of the bank’s board, management and staff.

Mr Asiedu was optimistic that the trend would continue into the fourth quarter for the bank to post its first annual profit.

He said the team at OmniBSIC had committed to offering exceptional products and services to customers and that was now being rewarded with the strong performance.

“We also look for strategic business opportunities and that is what is reflecting in the growth and performance,” Mr Asiedu.

He disclosed that the bank had gone live with its new robust core banking software, which was meant to make service to customers smoother, as it allowed more integration with other applications.

Beyond the consistent profit, OmniBSIC’s third quarter financial statements showed that the bank sustained its generally impressive performance.

All income lines enjoyed buoyant growth, with net trading income leading the pack. It rose from GH¢2.5 million in the third quarter of 2021 to GH¢34.8 million.

Fees and commission income also almost quadrupled from GH¢8.4 million in the third quarter of last year to about GH¢33.2 million in the same period this year.

Deposits from customers also rose from about GH¢1.2 billion in the third quarter of 2021 to almost GH¢2 billion in the same period this year.

The results further showed that OmniBSIC has maintained its strong balance sheet and liquidity position through buoyant growth in loans and advances, investments and cash balances with counterpart banks.

It showed that the bank’s support to the economy and businesses in particular through loans and advances rose from GH¢335.7 million in the third quarter of 2021 to GH¢714.3 million in the quarter under review.

While investments rose from GH¢847.9 million to GH¢1.2 billion in the quarter under review, cash and balances with other banks ended the quarter at GH¢543.8 million up from GH¢205.9million, indicating that OmniBSIC continues to be liquid.

A wholly-indigenous bank, OmniBSIC was launched in 2019 as the outcome of a merger meant to consolidate operations and serve customers better.

Mr Asiedu, who is leading the turnaround, is an astute banker with indelible footprints at Zenith Bank Ghana Limited and the Agricultural Development Bank (ADB), where he was the Managing Director.

He said it was obvious that the bank had turned the corner and was now keen on consolidating the performance to be able to support more businesses.

Mr Asiedu said the rising deposits also showed that customers were happy with the bank’s services.

He said due to the unique nature of OmniBSIC, it was able to meet the demands of all its customers on time, resulting in more referrals.

Throwing more light on the uniqueness, the Reverend Minister and Chairman of the International Presbytery of the Fountain Gate Chapel (FGC) said in the area of foreign exchange needs of their customers, OmniBSIC was able to deliver upon request and that led to higher businesses.

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