FirstBank Ghana posts 36% growth in profit in third quarter

FirstBank Ghana has posted an impressive performance for the third quarter of 204, with profit growing by 36 per cent year on year.

The growth in profit was largely driven by a growth in revenue, which leaped from GH¢265 million in the third quarter of 2023 to GH¢399 million in the third quarter of 2024, representing an increase of 51 per cent.

A release from the bank said the revenue growth was a result of growth in bank’s loan and advances by 41 per cent, from GH¢585m in prior period to GH¢823m in 2024. This demonstrates the commitment of the bank in contributing to the growth in the real sector of the economy.

In addition, the continued customer’s confidence in the bank also led to the substantial growth of 80 per cent in customer’s deposit, relative to GH¢1.61bn. This reinforces the bank's position as a favored choice for depositors.

Furthermore, FirstBank Ghana’s Capital Adequacy Ratio (CAR), stood at 48.67 per cent as at the reporting period. 

This is significantly above the Bank of Ghana's mandatory CAR threshold of 13 per cent which implies a highly capitalised institution.

The bank's loan asset quality also improved in the period as non-performing loans experienced a notable decline from 20.30 per cent to 15.91 per cent year-on-year.

Commenting on this remarkable performance, MD/CEO of FirstBank Ghana, Victor Yaw Asante stated that “the impressive third quarter performance has been as a result of deliberate and disciplined execution of our corporate strategy coupled with an upgrade of our systems, the enhancement of our digitally driven products, strong corporate governance and risk management framework and expansion of our services to new markets and segments.”

The third quarter 2024 performance of FirstBank Ghana shows our continuous commitment to endear our brand to our stakeholders and use all available means to make it make the brand a mark of excellence by meeting the needs of its valued customers. 

FirstBank Ghana is part of the FirstBank Group of Nigeria Limited, which is celebrating its 130th anniversary this year. The group operates across several countries, including the UK, DRC, Guinea, Sierra Leone, Gambia, and Senegal.