OmniBSIC Bank witnessed strong growth in the loans and advances granted to firms and individuals in the third quarter of the year as the bank expanded its support to businesses.
OmniBSIC Bank grew its loan book by 112.7 percent in the third quarter of this year to GH¢714.3 million. Compare to last year, the 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 gave the bank a strong balance sheet.
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 it’s brand.
The statement further showed that 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 began in the first quarter of 2022, compared to a loss of GH¢10.44 million that the bank suffered in the same period last year. 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.
Reacting to the quarter 3 results, the Managing Director of OmniBSIC, Daniel Asiedu indicated that the profit posted by the bank is a result of the hard work and commitment of the bank’s board, management, and staff.
Mr. Asiedu is optimistic that the trend would continue into the fourth quarter for the bank to post its first annual profit. He noted that the team at OmniBSIC is committed to offering exceptional products and services to customers and is now being rewarded with strong performance. “We also look for strategic business opportunities and that is what is reflected in the growth and performance,” Mr. Asiedu.
The Bank Goes Live with Banking Software
The Managing Director of OmniBSIC disclosed that the bank has gone live with its new robust core banking software, which is 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,” he analyzed.
Moreover, all income lines of the bank 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 maintained its strong balance sheet and liquidity position through buoyant growth in loans and advances, investments, and cash balances with counterpart banks.
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.
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