First Bank Ghana has recorded impressive growth numbers in 2024 in key performance indicators highlighting the Bank’s significance in the Ghanaian market.
The 2024 published financial statement of First Bank Ghana showed that the financial institution is in good health despite Ghana’s recent challenging macroeconomic environment.
The total assets of the Bank increased from GHC3.69bn in 2023 to GHC6.24bn in 2024 representing a growth rate of 69%. This was driven by significant growth in customer deposit for the period.
Through endearing itself to customers, deposit increased by 118%, from GHC2bn in 2023 to GHC4.4bn in 2024. Also, loans and advances for the period increased by 14%, which is an indication of contribution to the growth of the real sector despite the challenges the sector faces due to the macroeconomic environment.
In addition, First Banks’ Capital Adequacy Ratio, a key measure of solvency and healthy status, has consistently stayed above the regulatory benchmarks. In 2023, the bank closed with CAR of 53% compared to the regulatory benchmark of 14%.
At the end of the 2024 financial year, the bank’s CAR stood at 48% compared to the 13% regulatory benchmark. Also, the Bank has shown a liquidity ratio of over 104% in 2024 indicating its readiness to respond to the needs of customers.
Aside remarkable growth in the balance sheet, the Profit Before Tax (PBT) of the bank increased by 25%, that is from GHC284.7m in 2023 to GHC355.6m in 2024. This was achieved through strategic initiatives with a focus on cost management, process improvement and diversification of revenue streams by leveraging technology.
Mr. Victor Asante the MD/CEO of First Bank 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. We also strategically expanded our services to new markets and corporate institutions.”
Finally, he mentioned that the 2024 performance demonstrates the bank’s continuous growth in the Ghanaian market and management’s determination to leverage the over 130-year heritage of its brand to serve the needs of its clients and support the growth and development of the economy.
