Ghana: OmniBSIC Bank Records Massive Results, Third Quarter Profit Surpasses GH¢150m

One of the fastest growing financial in­stitution in Ghana, OmniBSIC Bank has performed creditably in the third quarter of this year, posting an impressive profit.

The bank’s profit-before-tax rose by more than four folds to GH¢153.65 million in the third quarter of this year from GH¢36.93 million in the same period in 2022.

An outcome of a merger between the erstwhile Omni Bank and Sahel Sa­hara Bank, OmniBSIC posted its first profit of GH¢8.69 million in the first quarter of 2022, ending a loss streak since its take-off in 2019, and has since remained profitable, posting impres­sive results quarter after quarter.

Its unaudited financial statements for the third quarter of 2023 indicated that all in­come lines enjoyed strong growth, resulting in interest income more than doubling to GH¢582.5m million in the quarter under review from GH¢ 221.02 million in the corresponding period in 2022.

OmniBSIC posted significant growth in its earning assets to consolidate its position as a robust lender and partner to businesses.

Earning assets grew by 88% to close the quarter at GH¢3.8 billion and the bank’s investments almost tripled to GH¢3.19 billion in the quarter under review from GH¢1.23 billion in the same quarter last year.

The balance sheet was also robust, driven largely by strong growth in investments and deposits while liquidity and capital adequa­cy ratios remained well above prudential requirements.

The Managing Director of OmniBSIC Bank, Daniel Asiedu, in an interview on the third quarter performance, said that the latest results marked a critical milestone in the bank’s nascent journey.

“It obviously shows that we are doing the right things by supporting businesses and our clients with the right products and services, hence the continuous stellar per­formance,” the quintessential banker with almost three decades of banking experience said.

Mr Asiedu, who was recently adjudged Personality of the Year, Private Sector, at this year’s Ghana CEO Awards, said the ex­cellent performance indicators put OmniB­SIC on a higher pedestal to deliver superior value to customers and shareholders.

“Beyond the historic profit, the bank’s financial results showed that it remained liquid and well-capitalised despite the domestic debt exchange programme (DDEP). Due to its diversified portfolio of investments, OmniBSIC recorded the least impairment from the debt exchange in the banking industry in 2022,” he stated.

Mr Asiedu said the bank’s cash and balances with other banks also grew by 18.9%  to GH¢646.87 million, and it enjoyed double growth rates in almost all income lines.

He said the interest income rose by more than 163%  to GH¢582.54 million in the third quarter, driven largely by substan­tial growth in earning assets, and the bank also disbursed about GH¢620.4 million in loans and advances to businesses in the quarter under review.

“Deposits from customers also rose by 103%  to GH¢4.01 billion in the third quarter of 2023 from GH¢1.97 in the same quarter last year,” Mr Asiedu stated.

The Managing Director said he was con­fident the bank’s strong performance would inspire the staff and management to work hard to exceed customer expectations.