The MD/CEO of First Atlantic Bank Mr Odun Odunfa yesterday May 4th 2019 was adjudged the OUTSTANDING BANKING & FINANCE CEO OF THE YEAR 2018 yesterday at the 9th Ghana Entrepreneurs & Corporate Executives Awards 2019 held at the Movenpick Ambassadorial Hotel.
The event which is organised by the Entrepreneurs Foundation Of Ghana honored other distinguished captains of industry including Entrepreneurs, Corporate Executives and notable individuals who have impacted the Ghanaian Economy through business.
It is the 9th in the series which started in 2010.
First Atlantic Bank is far more financially solid than it has ever been before and indeed its financial muscle matches the biggest available to institutions and households in Ghana following its merger with Energy Commercial Bank .
The bank now has GHc409 million in core stated capital which is comfortably more than the GHc 400 million statutory minimum now in force.
This supports total assets, as at the end of the first quarter of 2019, of GHc2.1 billion, which is instructively 31% more than the balance sheet size as at the end of 2018.
This has been funded in part by a 19% increase in deposits over the 12 month period to end of March 2019, to GHc1.6 billion, which reflects the confidence its customers have its financial solidity as well as the sheer customer focus of all its activities.
That confidence is being repaid in other ways too, most particularly the bank’s commitment to providing financial support for its customers. By the end of the first quarter of 2019, First Atlantic Bank had outstanding loans and advances with its customers to the tune of GHc546 million this being up 58% on the size of the loan book one year earlier.
In an earlier release by the bank, it came to light that the bank’s profit before tax for the first quarter of 2019, was GHc10.2 million, up 76% on the pre-tax profit for the corresponding period of 2018. This was achieved on operating income of GHc58.9 million up from GHc42.9 million generated during the first quarter of last year.
Importantly, net interest income also grew by 56% to GHc33 million, the reward for lower cost of funding, which in turn resulted from prudent financial management and rising confidence by an increasingly discerning banking public.
“The bank has heavily enhanced its digital banking platform and it now offers seamless, and completely secure internet banking including mobile foreign currency transactions”. They now have 41 branches spread across six regions nationwide and currently runs 65 ATMs.
They are also at the forefront of facilitating e-commerce, too, having deployed 260 point of sales devices so far.
"The key to First Atlantic Bank’s superior service quality lies with its excellent distribution channels, the result of a deep understanding of the customer and the economic operating environment, backed by heavy investment in delivery channels" the bank said.