First Atlantic Bank records impressive financial results
First Atlantic Bank posted an impressive 30 percent increase in Operating Income for the 2016 financial year.
This was primarily as a result of 40% increase in Net Interest Income driven mainly by 34% growth in Customer deposits and 27% growth in commissions and fee Income.
Against the backdrop of a challenging economic environment, the bank achieved an impressive 27% growth in its Balance Sheet driven largely by improvements in all major indices.
First Atlantic continued to maintain a strong liquidity position throughout the 2016 Financial Year, closing December 2016 with a liquidity ratio of about 89%, up from 80% in December 2015. This places the bank amongst the most liquid banks in the country.
The bank’s capital adequacy ratio (CAR), which is a reflection of its resilience, increased to 26.3% at the end of the year compared to 14.3% the previous year.
Speaking to the media in Accra, Mr. Odun Odunfa, MD/CEO of First Atlantic Bank stated that the bank’s impressive financial results was attributable firstly to the loyalty and support of our key stakeholders; especially our customers and employees. He mentioned that an aggressive branch roll-out which brought the bank closer to its target customers, deployment of innovative electronic banking products and the bank’s partnerships with organizations and institutions both public and private greatly contributed to the bank’s performance.
“First Atlantic Bank has demonstrated its potential for growth and operational excellence and we will continue with the transformation of our businesses to reflect changing customer needs and economic environment to provide even more value for our customers and shareholders.” He stated.
Mr. Odunfa expressed his gratitude to customers of the bank for their continued loyalty and to the Board, Management and Staff for their dedication.