FIRST Atlantic Bank recorded an impressive 27 per cent growth on its balance sheet in 2016, the bank’s financials for that year has shown.
The stride was driven largely by improvements in all major indices even against the backdrop of a challenging economic environment during the year under review.
The bank’s Operating Income for the 2016 financial year went up30 per cent. This was primarily as a result of a 40 per cent increase in Net Interest Income driven mainly by 34 per cent growth in Customer deposits and 27 per cent growth in commissions and fee Income.
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 result 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 Odun Odunfa expressed his gratitude to customers of the bank for their continued loyalty and to the Board, Management and Staff for their dedication.
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