Ghana’s fastest-growing bank, OmniBSIC Bank Ghana Limited, has posted impressive results in 2024, with a two-fold rise in profit and a robust balance sheet, consolidating its ability to support the economy and businesses to expand.
The bank’s financial statements showed that profit rose by 109 percent in the year under review to GH¢314 million, boosted by strong growth in operating income and well-controlled costs.
The 2024 results also indicated that OmniBSIC Bank enjoyed robust growth in total assets to end the year very liquid and well-capitalised, making it a preferred partner for businesses and individuals aiming to grow.
Growing customer trust
The fully indigenous lender has emerged as one of the most successful merger stories in the financial services industry, having delivered endearing products and services, leading to consistent strong financial performance.
OmniBSIC Bank has reinforced its corporate governance structures and invested in its infrastructure to align with Bank of Ghana’s (BOG’s) Corporate Governance and other regulatory standards. The Bank is dedicated to maintaining the highest level of transparency and accountability in all operations, thereby creating a reliable framework for customers to carry out their banking activities with convenience and confidence.
Headquartered in Accra’s Airport City, OmniBSIC Bank serves its customers through a network of 40 branches across Ghana. The Bank also offers a comprehensive suite of products, services, and digital solutions tailored to corporate, SME, and individual needs while actively supporting the communities within which it operates.
To deliver exceptional banking experiences daily, OmniBSIC Bank prioritises investment in technology and employee development. This commitment is reflected in its rigorous staff selection process and comprehensive capacity-building programs.
OmniBSIC Bank has undergone a comprehensive transformation, showing improvements across all parameters—including financial performance.
It achieved numerous successes and received multiple recognitions including, the Most Customer-Centric Bank (CIMG, 2022), the Fastest-Growing Corporate Bank in Ghana (Global Banking and Finance Awards, 2023), The Best Bank in Ghana (Ghana Business Awards, 2023), Bank of the year (Ghana Business Standard Awards, 2024), SME Bank of the Year (Ghana Credit Excellence Awards, 2024), Best Ghanaian Owned Emerging Band (Made-In –Ghana Awards, 2024) as well as Best Corporate Bank, Ghana (Global Banking and Finance Awards, 2024). The Bank is currently ranked as the 29th best company by GIPC’s Ghana Club 100.
The bank’s Managing Director, Daniel Asiedu, an astute banker with deep footprints across the banking sector noted that the strong growth in 2024 was the result of God’s grace, hard work, and growing trust in the brand.
According to him, “We are a young bank, but we deliver on our promise and that is earning us growing trust from customers. The aim is to maintain and grow that trust by offering superior products and services that will help our customers and the economy to grow”.
Liquidity and Capital
OmniBSIC Bank’s 2024 financial statements showed that interest income rose by 49 percent to GH¢1.24 billion while operating income grew by 39.7% to GH¢746.1 million in the year under review. The growth in operating income was a result of a significant increase in earning assets portfolio from GH¢3.83 billion to GH¢5.99 billion, representing 56% growth as well as the non-funded income growing by 83% from GH¢109 million to GH¢200 million over the same period.
The bank’s total assets also rose by nearly 65 percent to GH¢9.4 billion last year, buoyed mainly by strong growth in deposits, loans, and advances as well as investments. The financial statements showed that deposits from customers grew by 70 percent from GH¢4.8 in 2023 to GH¢8.2 billion in 2024, and loans and advances rose from GH¢579 million in 2023 to GH¢1.03 billion in 2024, indicating a 77.5% growth within the period and a testament of its strong drive to support businesses expand.
Cash and balances with other banks also rose by 80 percent to GH¢2.7 billion in 2024, bolstering the bank’s liquidity.
Looking Ahead
OmniBSIC Bank’s Managing Director said the future looked bright and efforts were underway to sustain the growth and expand its support to customers.
Asiedu, a reverend minister and Chairman of the International Presbytery of Fountain Gate Chapel (FGC) said the board and management were committed to introducing innovative products and services to support businesses grow.
The former Managing Director of Zenith Bank Ghana and Agricultural Development Bank (ADB) said management had developed a clear strategy to position OmniBSIC Bank as a top-tier lender in the medium term and so far, evidence showed that the bank is on track.
As part of our transformation agenda, we are positioning the Bank as the brand of choice through continuous innovation. To achieve this, we have refreshed our brand, made significant investments in cutting-edge technology, and enhanced staff capacity amongst others, to meet the evolving demands of customers in the banking industry.
“These strategic initiatives place us ahead of the curve, fostering an environment where our customers can confidently entrust us with their financial needs, thereby allowing us to consistently exceed their expectations” he said.
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