Managing Director of OmniBSIC Bank, Daniel Aseidu has shared some financial nuggets on the importance of having the right personnel to ensuring the success of any financial institution.

He stressed that having the right personnel has been absolutely crucial especially to growth of OmniBSIC Bank which recently saw its profit surpass GH¢150million in the third quarter of this year – just 11 months after the merged entity overturned its losses.

Speaking in an interview with the B&FT newspaper and monitored by GhanaWeb Business, Daniel Asiedu said: “Our banks’ success story is fundamentally built on the expertise, dedication, and commitment of my staff. They are the driving force behind our customer service, financial innovation, and overall operational excellence.”

“The right personnel ensure that we can consistently provide high-quality banking services, maintain a strong reputation, and adapt to the ever-evolving financial landscape. In essence, the success of OmniBSIC Bank is inextricably linked to the quality and capabilities of our employees. My goal is to position the Bank as an employer of choice,” the MD added.

Beyond the profit increase, the bank’s financial results showed it remained liquid and well-capitalised despite the Domestic Debt Exchange Programme (DDEP).

Due to its diversified portfolio of investments, OmniBSIC recorded the least impairment from the debt exchange in the banking industry in 2022, according to its financial statements. Furthermore, the bank ended the third quarter with a liquid ratio of 95 percent and a capital adequacy ratio of 18 percent. In addition, its cash and balances with other banks also grew by 18.9 percent to GH¢646.87million.

The financial statements further showed that OmniBSIC Bank enjoyed double growth rates in almost all income lines. Interest income rose by more than 163 percent to GH¢582.54million in the third quarter, driven largely by substantial growth in earning assets.

It also posted significant growth in its earning assets to consolidate its position as a robust lender and partner to businesses. Earning assets grew by 88 percent to close the quarter at GH¢3.8billion. Investments almost tripled to GH¢3.19billion in the quarter under review, from GH¢1.23billion in the same quarter of last year.

In the quarter under review, the bank’s loans and advances stood at GH¢620.4million while deposits from customers rose by 103 percent to GH¢4.01billion in the third quarter of 2023 from GH¢1.97billion in the same quarter last year.

MA

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