OmniBSIC Bank has overturned its losses into profitability for the first time since its merger in 2019.
The bank posted a gross profit of GH¢8.69 million in the first quarter of this year compared to a loss of GH¢9.27 million in the same period in 2021.
The bank’s unaudited financial statements for the first quarter of 2022 indicated that it also 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.
While 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.
The profit marks a fresh chapter for the lender which operations have been stabilised and refocused as a partner to businesses and the provision of tailored solutions.
It also 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 lender is now well grounded to provide funding and related services to companies and entrepreneurs to recover from the effects of the COVID-19 pandemic.
Last year, new funds and fresh talents, led by the shrewd banker, Daniel Asiedu as Managing Director, were injected into the bank to enable it to meet growing customer needs.
Mr Asiedu said in an interview that those measures yielded the desired outcome as evidenced in the first-quarter results.
The MD of OmniBSIC told the Daily Graphic over the weekend that the maiden profit marked a new beginning in the bank’s young history.
He also attributed it to sustained growth in customer confidence in the brand and its ability to meet their needs, noting that the general public was beginning to accept that the bank offered the right products and services for their banking needs.
Mr Asiedu, who is also the Chairman of the Fountain Gate Chapel, 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,” the pastor with the Fountain Gate Chapel added.
Initially, a board member of the bank, 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.