OmniBSIC Bank returns to profitability

OmniBSIC Bank has overturned its losses into profit for the first time since it was outdoored from the merger of two banks in 2019.

OmniBSIC Bank has overturned its losses into profit for the first time since it was outdoored from the merger of two banks in 2019.

The bank posted a gross profit of GH¢8.69 million in the first quarter of this year, marking a fresh chapter for a lender whose operations have been stabilised and refocused as a partner to businesses and the provision of tailored solutions.

Its first quarter results for 2022 showed that the bank suffered a loss of GH¢9.27 million in the same quarter in 2021 but swung to profit this year as new measures to re-anchor the operations on the path of profitability started bearing fruits. The unaudited financial results indicated that the bank also strengthened its liquidity position, with cash and balances with other banks almost doubling within the period.

Impact on businesses

OmniBSIC Bank’s return to profitability is positive for the bank, businesses, the private sector and the economy in general. It shows that the largely Ghanaian-owned lender is now well grounded to provide funding and related services to companies and entrepreneurs to recover from the effects of the COVID-19 pandemic.


Last year, new funds and fresh talents, led by the shrewd banker, Daniel Asiedu as Managing Director, were injected into the bank to enable it to meet growing customer needs.

The results for the first quarter of 2022 indicated that those measures yielded the desired outcome. It showed that the maiden profit was driven largely by more than two-fold increase in net interest income, with fees and commission and trading income leading the pack. Expenditure was largely under control.

Strong balance sheet

OmniBSIC, which is the result of the merger of the erstwhile Omni Bank and Sahel Sahara Bank Ghana, also ended the quarter with a stronger balance sheet, driven by robust growth in deposits, loans and advances as well as investments. The results showed that deposits from customers rose from GH¢1.11 billion in the first quarter of 2021 to GH¢1.78 billion in the same period this year.

While loans and advances also grew by 71 per cent over the previous quarter to GH¢449.87 million as of March 31, investments rose by more than 30 per cent to GH¢1.18 million within the period under review.

Growing confidence

The MD of OmniBSIC the maiden profit marked a new dawn in the bank’s young history. Mr. Asiedu attributed it to sustained growth in customer confidence in the brand and its ability to meet their needs, noting that the general public was beginning to accept that the bank offered the right products and services for their banking needs.

The Chairman of the Fountain Gate Chapel described the feat as “significant and hugely motivating to the board, management and staff to do better.”

“For us here, we expect to do better for customers and for the trend on profitability to continue. It is about understanding the market and being able to deliver what is superior and when it comes to that you can count on the expertise within the board, management and staff.

Also, I cannot dispute the God factor. We have seen a tremendous turnaround in ways that tell us that if we continue working hard and doing things right, God will continue to bless us,” the pastor with the Fountain Gate Chapel added.

Banking application

Initially a board member of the bank, Mr Asiedu, who is a former MD of the Agriculture Development Bank (ADB) and Zenith Bank Ghana, took charge of OmniBSIC in May last year as part of a revitalisation programme meant to endear the bank and its services to customers.

Since then, the chartered accountant and Economic Policy Analyst has rejuvenated the team and beefed up the bank’s offerings to customers using the years of experience gathered in managing private and public banks.

He said in the interview that a new banking application was also under pilot ahead of full deployment next month, as part of efforts to strengthen the bank’s product and service delivery to customers.

Mr Asiedu said these have repositioned the bank for greatness. “Initially, it was difficult for the market to realise that it is a bank that can survive and make a difference but that mindset has changed. Customers now have confidence in us, they know what we can deliver and why it must be us and the general belief is that OmniBSIC is a brand to reckon with in the market,” the MD added.

Looking ahead

Mr Asiedu said the first quarter results were a clear signal that the bank was a force to reckon with it. He said the unique thing about the bank was that in spite of its small but nascent nature, it was able to take market share and exceed the expectations of its customers.

“The future looks really positive. If you look at how we have performed quarter after quarter, you realise that we keep improving and getting better on the challenges with time,” he said, noting that much of that success was attributed to the reposted confidence customers were having in the brand.

“So, going forward, customers should expect best and quality service at affordable charges. As you know, I always like to get involved in serving and once the entire bank, led by management is involved in serving the customer and delivering the right product, you can only expect us to get better,” Mr Asiedu added.

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