First Atlantic Bank ranked 41 in prestigious Ghana Club 100 Awards

First Atlantic Bank Limited has achieved the 41st position in the 20th edition of the Ghana Club 100 awards, a prestigious recognition of top-performing entities in the Ghanaian business landscape.

The Bank was honoured for its role towards providing a significant platform for promoting investment, trade, and knowledge exchange in Ghana.

The Ghana Club 100 awards, organized by the Ghana Investment Promotion Centre (GIPC) in collaboration with the MIE Group, celebrates companies that significantly contribute to Ghana’s economic growth across various sectors.

The event, marked by strategic networking sessions, music, and dance, was attended by prominent figures from the business community.

The top 100 companies that were celebrated were from the agriculture and agribusiness, financial services, ICT, infrastructure, petroleum, mining services, manufacturing, tourism, health, and education sectors of the Ghanaian economy.

The GIPC flagship event honours top performing entities in the Ghanaian business landscape whose contributions continue to propel the country’s economic growth, and has positive impact on their serving communities.

The financial sector dominated the night as the sector with most numbers enlisted in the 20th Ghana Club 100 awards.

This year’s Ghana Club 100 awards would be held on the theme: “Accelerating Economic Growth: Amplifying Ghana’s Global Market Footprint through AfCFTA (African Continental Free Trade Area).”

The theme was crafted to engender significant promotion of investment, trade, and knowledge exchange, leading to the stimulation of economic growth in Ghana.

First Atlantic Bank earned the honors after showcasing an impressive 85.3% increase in net profit in the second quarter of 2023 compared to the same period last year.

In addition to witnessing significant growth in key financial indicators during the period under review, FAB’s net profit soared from GH¢50.08 million in the second quarter of 2022 to an impressive GH¢92.8 million in the second quarter of 2023.

This was attributed to substantial increments in net interest income, which rose from GH¢151 million to GH¢274 million, underlining the bank’s robust operational performance.

The Bank’s total assets value exhibited a notable 65.6% rise, moving from GH¢5.04 billion in the second quarter of 2022 to GH¢8.35 billion in the second quarter of 2023 largely driven by a surge in cash and cash equivalents, reaching GH¢2.1 billion, and investment securities, totaling GH¢2.09 billion.

The bank’s Capital Adequacy Ratio (CAR) also moved from 21% in the second quarter of 2022 to 14% in the second quarter of 2023, positioning it with the industry’s average CAR.

However, within the period under review, non-performing loans of the bank rose from 8% in the second quarter of 2022 to 17% in the second quarter of 2023 year-on-year primarily impacted by government’s Domestic Debt Exchange Programme.

Despite these challenges in CAR and loan asset quality, FAB remains committed to its growth trajectory and overall financial health.

First Atlantic Bank also remains committed to financial inclusion efforts, digital transformation while enhancing gender equality.

The complete list of the top 100 firms recognized highlights the diverse contributions of businesses in driving economic growth and excellence in Ghana.