OmniBSIC Bank has posted a gross profit of GH¢8.69 million in the first quarter of this year, 2022, the first profit the bank posted since its merger in 2019.
The bank’s unaudited financial statements for the first quarter of 2022 indicated that it ended the quarter with a stronger balance sheet, driven by robust growth in deposits, loans and advances, as well as investments. Deposits from customers rose from GH¢1.11 billion in the first quarter of 2021 to GH¢1.78 billion in the same period this year.
Similarly, loans and advances grew by 71 per cent over the previous quarter to GH¢449.87 million as of March 31, investments rose by more than 30 per cent to GH¢1.18 billion within the period under review.
New Chapter for OmniBSIC Bank
The first quarter gross profit made by OmniBSIC is in sharp contrast to a loss of GH¢9.27 million suffered in the same period in 2021. This profit marks a fresh chapter for the bank whose operations have been stabilised and refocused as a partner to businesses and the provision of tailored solutions.
The bank indicated in a statement that the financial statement showed that new measures to re-anchor the operations on the path of profitability have started bearing fruits. The results further showed that the bank strengthened its liquidity position, with cash and balances with other banks almost doubling within the period.
OmniBSIC Bank’s return to profitability is positive for small and medium enterprises (SMEs), the private sector and the economy in general. It shows that the largely Ghanaian-owned bank is now well grounded to provide funding and related services to companies and entrepreneurs to recover from the effects of the COVID-19 pandemic.
Growing confidence
Daniel Asiedu, the Managing Director, disclosed that new funds and fresh talents were injected into the bank last year to enable it to meet growing customer needs. He indicated that those measures yielded the desired outcome as evidenced in the first-quarter results.
The MD of OmniBSIC iterated that the maiden profit marks a new beginning in the bank’s young history. He attributed the success to sustained growth in customer confidence in the brand and the bank’s ability to meet their needs, noting that the general public is beginning to accept that the bank offers the right products and services for their banking needs.
Mr Asiedu further described the feat as “significant and hugely motivating to the board, management and staff to do better”.
“For us here, we expect to do better for customers and for the trend on profitability to continue. It is about understanding the market and being able to deliver what is superior and when it comes to that you can count on the expertise within the board, management and staff.
“We have seen a tremendous turnaround in ways that tell us that if we continue working hard and doing things right, God will continue to bless us.”
Daniel Asiedu
Mr Asiedu, who is a former MD of the Agriculture Development Bank (ADB) and Zenith Bank Ghana, took charge of OmniBSIC in May last year as part of a revitalisation programme meant to endear the bank and its services to customers. Based on the first quarter results, it is safe to say his appointment has yielded the right result.
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