FirstBank Ghana records 69% growth in assets
FirstBank Ghana recorded impressive growth in key performance indicators for last year, highlighting the bank’s significance in the Ghanaian market.
The 2024 published financial results of the bank showed that the financial institution is in good health in spite of the country’s recent challenging macroeconomic environment.
Total assets of the bank increased from GH¢3.69 billion in 2023 to GH¢6.24 billion for last year, representing a growth rate of 69 per cent.
The feat was driven by significant growth in customer deposit for the period, which increased by 118 per cent, from GH¢2 billion in 2023 to GH¢4.4 billion last year.
Also, loans and advances for the period increased by 14 per cent, which is an indication of contribution to the growth of the real sector, in spite of the challenges the sector faces due to the macroeconomic environment.
According to the 2024 financial statement, FirstBanks’ Capital Adequacy Ratio (CAR), a key measure of solvency and healthy status, consistently stayed above the regulatory benchmarks.
In 2023, the bank closed with CAR of 53 per cent compared to the regulatory benchmark of 14 per cent. At the end of the 2024 financial year, the bank’s CAR stood at 48 per cent compared to the 13 per cent regulatory benchmark.
Also, the bank has shown a liquidity ratio of over 104 per cent in 2024, indicating its readiness to respond to the needs of customers.
Profits
Aside from the remarkable growth in the balance sheet, the Profit Before Tax (PBT) of the bank increased by 25 per cent, from GH¢284.7 million in 2023 to GH¢355.6 million for last year.
The financial statement indicates that pre-tax profit was achieved through strategic initiatives which focused on cost management, process improvement and diversification of revenue streams by leveraging technology.
The Managing Director and Chief Executive Officer (MD/CEO) of FirstBank, Victor Asante, stated that “the remarkable financial growth in 2024 was due to the continuous execution of our strategies, including deployment of innovative products, robust risk management framework and internal control system.”
He added that the bank also strategically expanded its services to new markets and corporate institutions.
Mr Asante stated that the 2024 performance demonstrated the bank’s continuous growth in the Ghanaian market and management’s determination to leverage the over 130-year heritage of the brand to serve the needs of clients and support the growth and development of the economy.