First Bank Sees Total Assets Soar by 69%: International Edition

In 2024, First Bank Ghana has witnessed substantial growth across various key performance metrics, underscoring its importance within the Ghanaian financial sector.

The financial report for 2024 from First Bank Ghana indicates that the bank remains robust even amid Ghana’s current difficult economic conditions.

The Bank’s total assets rose from GHC3.69 billion in 2023 to GHC6.24 billion in 2024, marking a growth rate of 69%. This increase was primarily due to substantial gains in customer deposits over this timeframe.

By winning over customers, deposits surged by 118%, rising from GHC2 billion in 2023 to GHC4.4 billion in 2024. Additionally, loans and advances grew by 14% during this time, reflecting their role in fostering expansion within the real economy, even amid the difficulties posed by the current macroeconomic conditions.

Furthermore, First Bank’s Capital Adequacy Ratio, an important indicator of financial stability and health, has continually exceeded regulatory thresholds. By the end of 2023, the institution reported a CAR of 53%, significantly surpassing the required benchmark of 14%.

By the close of the 2024 fiscal year, the bank’s Capital Adequacy Ratio (CAR) was recorded at 48%, significantly surpassing the required regulatory threshold of 13%. Additionally, the institution demonstrated a strong liquidity position with a ratio exceeding 104% in 2024, underscoring its capability to meet customer demands effectively.

In addition to significant expansion of its balance sheet, the bank saw its Profit Before Tax (PBT) rise by 25%—from GHC284.7 million in 2023 to GHC355.6 million in 2024. This achievement was driven by strategic efforts centered around cost control, process optimization, and broadening income sources via technological advancements.

Mr. Victor Asante, the Managing Director and Chief Executive Officer of First Bank, mentioned that "the significant financial progress achieved in 2024 can be attributed to the consistent implementation of our strategic plans, which included launching cutting-edge products, establishing a strong risk management structure, and enhancing our internal controls. Additionally, we deliberately broadened our reach into emerging markets and corporate entities."

Lastly, he pointed out that the 2024 performance showcases the bank’s ongoing expansion within the Ghanaian market and reflects management’s commitment to utilize more than 130 years of their brand’s legacy to address client requirements and foster economic progress and development.

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