First Atlantic Bank makes headway

First Atlantic Bank has made significant headway in the Ghanaian banking industry with some sterling financial performance for the first quarter of this year...


First Atlantic Bank has made significant headway in the Ghanaian banking industry with some sterling financial performance for the first quarter of this year.

Following its merger with Energy Commercial Bank, First Atlantic Bank registered a pretax of GHS10.2 million for the first quarter of 2019, a 76 per cent growth over the previous year.

Importantly, net interest income grew by 56 per cent year-on-year to GHS33 million at the end of March 2019, while fees and commissions stood at GHS26 million, an increase of 20 per cent compared to GHS21.7 million the same period last year.

The bank’s balance sheet grew stronger with total assets exceeding GS2.1 billion at the end of quarter one 2019, a 31 per cent growth compared to quarter one 2018.

The Bank increased its lending to the private sector with loans and advances to customers hitting GHS546 million, a 58 per cent growth.

Total deposits hit GHS1.6 billion at the end of the first half of this year, a 19 per cent year-on-year growth.

Presently, the bank’s stated capital stands at GHS409 million, exceeding the Bank of Ghana’s minimum regulatory capital.

First Atlantic Bank presently has 41 branches in six regions of Ghana, 65 Automated Teller Machines and 260 Point of Sale (POS) devices.


Source: Ghana/ClassFMonline.com/91.3FM



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