OmniBSIC Bank’s Profit Surpasses GH¢150m

Daniel Asiedu


OmniBSIC Bank, has recorded a profit of over GH¢150 million in the third quarter of 2023.

The bank’s profit before tax rose more than fourfold to GH¢153.65 million in the third quarter of 2023 from GH¢36.93 million in the same period in 2022.

This was attributed to the merger between the erstwhile Omni Bank and Sahel Sahara Bank to form OmniBSIC.

Its unaudited financial statements for the third quarter of 2023 indicated interest income more than doubled to GH¢582.5m million in the quarter under review from the GH¢ 221.02 million in the corresponding period in 2022.

OmniBSIC posted its first profit of GH¢8.69 million in the first quarter of 2022, ending a loss streak since its takeoff in 2019.

Beyond the historic profit, the bank’s financial results showed that it remained liquid and well-capitalised despite the Domestic Debt Exchange Programme (DDEP).

Furthermore, the bank ended the third quarter with a liquidation ratio of 95 percent and a capital adequacy ratio of 18 percent.

Its cash and balances with other banks also grew by 18.9 percent to GH¢646.87 million.

Managing Director of OmniBSIC Bank, Daniel Asiedu, said in an interview that the latest results marked a critical milestone in the bank’s development 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,” he said.

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

“The plan is to finish the year stronger, not just for the bank but for our stakeholders,” Mr. Asiedu said.

A Business Desk Report