FirstBank Ghana has delivered an impressive financial performance for the third quarter of 2024, achieving a notable 36% year-on-year increase in profit.
This strong performance is primarily due to a substantial revenue boost, rising from GH¢265 million to GH¢399 million, marking a 51% growth over the same period.
A significant contributor to this success was the 41% increase in FirstBank’s loans and advances, which grew from GH¢585 million in the prior period to GH¢823 million in 2024. This reflects the bank’s commitment to supporting growth in the real sector of the economy. Additionally, customer confidence has been a driving force, with deposits growing by an impressive 80%, reaching GH¢1.61 billion. This positions the bank as a preferred choice for depositors.
FirstBank Ghana’s Capital Adequacy Ratio (CAR) stood at 48.67% as of the reporting period, well above the Bank of Ghana’s mandated CAR threshold of 13%, signifying a highly capitalized institution.
The bank also improved its loan asset quality during this period, with non-performing loans declining from 20.30% to 15.91% year-on-year.
Victor Yaw Asante, MD/CEO of FirstBank Ghana, commented on the results, stating, “The impressive third-quarter performance has been a result of deliberate and disciplined execution of our corporate strategy, enhancements in our digitally driven products, strong corporate governance, and a robust risk management framework, along with our expansion into new markets and segments.”
The third-quarter 2024 results underscore FirstBank Ghana’s commitment to strengthening its brand among stakeholders, continuously striving to be a mark of excellence that meets customer needs.
FirstBank Ghana is a part of FirstBank Group of Nigeria Limited, which will be celeberating its 130th anniversary this year. FirstBank operates across several countries, including the UK, DRC, Guinea, Sierra Leone, Gambia, and Senegal.
