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A Universal bank, OmniBSIC Bank Ghana Limited, has posted impressive results for 2024, with a two-fold rise in profit and a robust balance sheet that consolidates its ability to support the economy and businesses to expand.
The bank’s financial statements showed that profit rose by 109 per cent in the year under review to GH¢314 million, boosted by strong growth in operating income and well-controlled cost.
The 2024 results also indicates that OmniBSIC Bank enjoyed robust growth in total assets to end the year very liquid and well capitalised, making it a partner for businesses and individuals aiming to grow.
The fully indigenous lender has emerged as one of the most successful merger stories in the financial services industry, having delivered endearing products and services, leading to consistent strong financial performance.
OmniBSIC Bank has reinforced its corporate governance structures and invested in its infrastructure to align with Bank of Ghana’s (BOG’s) Corporate Governance and other regulatory standards.
The financial report stated the bank’s dedication to maintaining the highest level of transparency and accountability in all operations, thereby creating a reliable framework for customers to carry out their banking activities with convenience and confidence.
OmniBSIC Bank has undergone a comprehensive transformation, showing improvements across all parameters, including financial performance, and received many awards in various categories.
The bank’s Managing Director, Daniel Asiedu, stated that the strong growth in 2024 was the result of God’s grace, hard work and growing trust in the brand.
“We are a young bank, but we deliver on our promise and that is earning us growing trust from customers.
The aim is to maintain and grow that trust by offering superior products and services that will help our customers and the economy to grow,” he said.
OmniBSIC Bank’s 2024 financial statements showed that interest income rose by 49 per cent to GH¢1.24 billion, while operating income grew by 39.7 per cent to GH¢746.1 million in the year under review.
The growth in operating income was as a result of a significant increase in earning assets portfolio from GH¢3.83 billion to GH¢5.99 billion, representing 56 per cent growth as well as the non-funded income growing by 83 per cent from GH¢109 million to GH¢200 million over the same period.
The bank’s assets also rose by nearly 65 per cent to GH¢9.4 billion last year, buoyed mainly by strong growth in deposits, loans and advances as well as investments.
The financial statements showed that deposits from customers grew by 70 per cent from GH¢4.8 in 2023 to GH¢8.2 billion in 2024, loans and advances rose from GH¢579 million in 2023 to GH¢1.03 billion in 2024, indicating a 77.5 per cent growth within the period and a testament of its strong drive to support businesses expand.
Cash and balances with other banks also rose by 80 per cent to GH¢2.7 billion in 2024, bolstering the bank’s liquidity.
The MD said the future looked bright and efforts were underway to sustain the growth and expand its support to customers.
Mr Asiedu, a reverend minister and Chairman of the International Presbytery of Fountain Gate Chapel (FGC), said the board and management were committed to introducing innovative products and services to support businesses to grow.
The former MD of Zenith Bank Ghana and Agricultural Development Bank (ADB) said management had developed a clear strategy to position OmniBSIC Bank as a top tier lender in the medium term and so far, evidence showed that the bank was on track.
“As part of our transformation agenda, we are positioning the bank as the brand of choice through continuous innovation.”
“To achieve this, we have refreshed our brand, made significant investments in cutting-edge technology and enhanced staff capacity, among others, to meet the evolving demands of customers in the banking industry,” he said.
Mr Asiedu said those strategic initiatives placed the bank ahead of the curve, fostering an environment where customers could confidently entrust it with their financial needs, thereby allowing us to consistently exceed their expectations
