First Atlantic Bank records strong performance in Q3 2026

Mr Odunfa (third from left) with other management staff of the bank during the programme

First Atlantic Bank PLC recorded a strong financial performance in the third quarter of 2026, with profit before tax rising to GH¢386.4 million.

The bank’s performance was supported by strong growth in customer deposits, increased lending activities and improved revenue diversification, as it continued to implement its strategic priorities following its listing on the Ghana Stock Exchange (GSE) in December 2025.

Operating income rose by 31 per cent to GH¢821.7 million, while profit after tax increased by three per cent to GH¢261 million, highlighting the bank’s ability to sustain profitability despite pressures on lending yields and interest rate margins.

The financial results also showed significant growth in the bank’s balance sheet, with total assets increasing by 39 per cent year-on-year to GH¢21.8 billion.

Customer deposits grew by 37 per cent to GH¢19 billion, reflecting sustained customer confidence and strengthening the bank’s capacity to support businesses and households.

Loans and advances recorded a 67 per cent increase to GH¢2.5 billion, while investment securities grew by 44 per cent to GH¢5.2 billion.

Despite declining market interest rates, interest income increased by three per cent, supported by higher volumes of loans and investment securities. Interest expenses, however, declined by 33 per cent to GH¢246 million, resulting in a 37 per cent increase in net interest income to GH¢524 million.

Additionally, net fee and commission income grew by 55 per cent to GH¢200 million, reflecting increased transaction volumes and customer activity.

Operating expenses increased by 23 per cent due to continued investments in personnel, technology and infrastructure. However, the cost-to-income ratio improved to 53.5 per cent from 56.7 per cent, demonstrating improved operational efficiency.

The bank’s Capital Adequacy Ratio also rose to 14.54 per cent from 13.8 per cent.

Shareholders’ funds increased by 34 per cent to GH¢2.4 billion, providing a stronger capital base for future expansion.

Commenting on the performance during the bank’s turn of the Facts-behind-the-Figures series of the GSE on Friday, the Chief Executive Officer, Mr Odun Odunfa, said the results reflected the resilience of the bank’s business model and sustained customer confidence.

He said strong deposit mobilisation had enabled the bank to extend credit to more businesses and households while improving access to convenient financial services.

“For the remainder of 2026, the bank will continue to focus on deploying its expanded deposit base efficiently to improve yields while maintaining prudent risk levels,” he indicated.

The CEO of FAB PLC said that, with loans and advances of GH¢2.5 billion against customer deposits of GH¢19 billion, the bank had significant capacity to expand lending to businesses and individuals while complying with the Bank of Ghana’s new Non-Performing Loans directive.

Furthermore, he mentioned the bank’s expansion into Liberia, where operations commenced in August 2026, as an important step towards strengthening its regional presence.

Looking ahead, he emphasised that management intended to deploy its growing deposit base more efficiently, expand lending while maintaining prudent risk management, sustain fee income growth and strengthen its competitive position in Ghana and Liberia.

Mr Odunfa reaffirmed management’s commitment to cost discipline and continued investment in technology, people and infrastructure to support sustainable growth.

Read the Ghanaian Times and The Spectator newspapers from the comfort of your device via TimesNewsPlus.

Follow our WhatsApp Channel now! https://whatsapp.com/channel/0029VbAjG7g3gvWajUAEX12Q