The First Atlantic Bank growth

BY: Graphic.com.gh

The first quarter of 2019 financial statements of First Atlantic Bank shows a GH¢409 million in core stated capital which is comfortably more than the GH¢400 million statutory minimum now in force.

Following its merger with Energy Commercial Bank at the turn of the year, First Atlantic Bank's total assets, as of the end of the first quarter of 2019 was GHc2.1 billion, which is instructively 31 per cent more than the balance sheet size as of the end of 2018.

This has been funded in part by a 19 per cent increase in deposits over the 12 month period to end of March 2019, to GH¢1.6 billion.

With just three months into the new dispensation for Ghana’s universal banking industry, First Atlantic Bank has targeted to become one of the top five banks in Ghana’s fiercely competitive commercial banking arena, but some industry experts believe that can only be achieved over the long term.

By the end of the first quarter of 2019, First Atlantic Bank had outstanding loans and advances with its customers to the tune of GH¢546 million, this being up 58 per cent on the size of the loan book one year earlier.

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The bank’s profit before tax for the first quarter of 2019, was GH¢10.2 million, up 76 per cent on the pre-tax profit for the corresponding period of 2018.

This was achieved on operating income of GH¢58.9 million up from GH¢42.9 million generated during the first quarter of last year.

Importantly, net interest income grew by 56 per cent to GH¢33 million, the reward for lower cost of funding, which in turn resulted from prudent financial management and rising confidence by an increasingly discerning banking public.

Its appreciation of the sheer quality of First Atlantic Bank product and service delivery is illuminated by the 20 per cent increase in the bank’s income from commissions and fees which rose to GH¢26 million for the first quarter of2019, up from GH¢21.7 million over the corresponding period of 2018.

The key to First Atlantic Bank’s superior service quality lies with its excellent distribution channels, the result of a deep understanding of the customer and the economic operating environment, backed by heavy investment in delivery channels.

First Atlantic Bank now has 41 branches spread across six regions nationwide.

Even more importantly, the bank has heavily enhanced its digital banking platform and it now offers seamless, and completely secure internet banking including mobile foreign currency transactions.

The bank currently runs 65 ATMs and is the forefront of facilitation of e-commerce too, having deployed 260 point of sales devices so far.

All this points to a bank that has equipped itself to thrive in banking industry. Indeed, First Atlantic Bank is moving faster towards its ambition of ranking among the top five banks in Ghana.

Read also: First Atlantic Bank to lay off workers after merger with Energy Bank