The bank grew its loan book by 112.7 percent in the third quarter of this year to GH¢714.3 million in the quarter under review.
Its total loans and advances were GH¢335.7 million in the third quarter of last year but more than doubled in the same quarter this year as more businesses and institutions sought financial support from it to expand their operations.
OmniBSIC Bank has expanded its support to businesses and the economy in general with a strong growth in the loans and advances granted to firms and individuals in the third quarter of the year.
The bank posted a gross profit of GH¢36.93 million in the third quarter of this year to sustain its profit run and cement a turnaround that begun in the first quarter of 2022.
The significant profit posted in the third quarter of 2022 compares to a loss of GH¢10.44 million that the bank suffered in the same period last year.
Beyond the consistent profit, OmniBSIC’s third quarter financial statements showed that the bank sustained its generally impressive performance.
All income lines enjoyed buoyant growth, with net trading income leading the pack. It rose from GH¢2.5 million in the third quarter of 2021 to GH¢34.8 million.
Fees and commission income also almost quadrupled from GH¢8.4 million in the third quarter of last year to about GH¢33.2 million in the same period this year.
Deposits from customers also rose from about GH¢1.2 billion in the third quarter of 2021 to almost GH¢2 billion in the same period this year.
The results further showed that OmniBSIC has maintained its strong balance sheet and liquidity position through buoyant growth in loans and advances, investments, and cash balances with counterpart banks.
It showed that the bank’s support to the economy and businesses through loans and advances rose from GH¢335.7 million in the third quarter of 2021 to GH¢714.3 million in the quarter under review.
While investments rose from GH¢847.9 million to GH¢1.2 billion in the quarter under review, cash and balances with other banks ended the quarter at GH¢543.8 million up from GH¢205.9million, indicating that OmniBSIC continues to be liquid.
A wholly indigenous bank, OmniBSIC was launched in 2019 as the outcome of a merger meant to consolidate operations and serve customers better.