First National Bank receives $35m capital injection

First National Bank Ghana Ltd has received an additional capital injection of $35 million into the bank.

The parent company of the bank, FirstRand Group, injected additional capital, further strengthening the bank’s financial position and its long-term commitment to the country’s economic development.

The new package, which is undergoing regulatory approval and registration processes, comes on the back of a strong performance for the first quarter of the year, where the bank posted a net profit before tax of GH¢30.68 million, more than double its earnings for the same period last year.

The injection will improve the bank’s Capital Adequacy Ratio (CAR), moving it to 20.88 per cent, well above the regulatory requirement.

The fresh $35 million capital will also complement the bank’s current capital base of GH¢548 million, which already exceeds the Bank of Ghana’s regulatory minimum of GH¢400 million.

A statement from First National Bank Ghana said the move underscored the bank’s ambition to become a more meaningful player in Ghana’s financial services sector and supported its strategic growth objectives.

CEO comments

Commenting on the development, the Chief Executive Officer (CEO) of First National Bank Ghana, Warren Adams, stated, “Ghana remains a strategic market for the FirstRand Group.

This additional capital injection is a clear demonstration of the Group’s absolute confidence in Ghana, its future prospects, and the soundness of our regulatory environment.”

He said it also reflected the bank’s ongoing commitment to supporting the growth and transformation of Ghana’s financial services industry.

“With this added capital, we are significantly enhancing our capacity to lend more to Ghanaian businesses, large and small, at a time when private sector financing is critical for sustained economic growth,” Mr Adams said.

He added that the bank remained committed to being a trusted financial partner to clients and to contribute meaningfully to Ghana’s development agenda.

The CEO said that the bank’s recent financial results and capital reinforcement signalled clear momentum in its strategic focus on franchise growth, capital efficiency and cost control.

“The additional capital will enable First National Bank Ghana to increase lending, deepen market relevance and support national efforts towards inclusive economic growth,” Mr Adams added.