At the 20th edition of the Ghana Investment Promotion Centre (GIPC) Club 100 awards held in Accra on December 8, 2023, top businesses in the country which performed tremendously in the year under review were given esteemed honors.

Among these 100 businesses was First Atlantic Bank Limited which ranked 41 for its role towards providing a significant platform for promoting investment, trade, and knowledge exchange in Ghana.

With the theme; "Accelerating Economic Growth: Amplifying Ghana's Global Market Footprint through AFCFTA," the 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, First Atlantic Bank’s net profit soared from GH¢50.08 million in Q2 2022 to an impressive GH¢92.8 million in Q2 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 Q2 2022 to GH¢8.35 billion in Q2 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 Q2 2022 to 14% in Q2 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 Q2 2022 to 17% in Q2 2023 year-on-year primarily impacted by government’s Domestic Debt Exchange Programme.

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

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

The 20th edition of the Ghana Club 100 awards celebrated decades of resilience, innovation, and excellence demonstrated by Ghanaian businesses across strategic sectors, including agriculture and agribusiness, financial services, ICT, infrastructure, petroleum, mining services, manufacturing, tourism, health, and education.

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