First Atlantic Bank Limited has solidified its position as a frontrunner in Ghana's banking sector, earning the prestigious title of Digital Bank of the Year at the recent Ghana Fintech Awards 2023 in Accra.

The bank's commitment to digital innovation and its outstanding performance in a competitive market were recognized by industry experts and stakeholders. In addition to the top honor, First Atlantic Bank was also presented with the Banking Innovative Product of the Year (SME/Corporate) award for its Corporate Pay solution. These accolades underscore the institution's dedication to delivering cutting-edge banking solutions tailored to the needs of its diverse customer base.

The recognition comes amidst a period of sustained financial growth for First Atlantic Bank. In a noteworthy financial achievement, First Atlantic Bank, one (1) of the five (5) profitable banks in 2022, surged ahead in 2023 with a remarkable GH¢323 million profit before tax, showcasing an impressive 1373% increase from the prior year.

This impressive performance is attributed to robust operating income, which soared from GH¢0.52 billion in 2022 to GH¢1.04 billion in 2023, reflecting a significant expansion in the bank's revenue streams.

Key drivers of the bank's financial success include a strategic focus on lowering the cost of funding, which contributed to a Net Interest Income of GH¢663 million, representing a 61% year-on-year increase. Moreover, the bank's Net Commission and Fees reached GH¢124 million, a notable 30% rise from the previous year.

First Atlantic Bank's strong financial performance is further underscored by its robust balance sheet, posting an increase in shareholders fund of 1.26 billion cedis in 2023. This is an increase of 30% from 969 million cedis in 2022, reaffirming the institution's financial stability and resilience.

The accolades received by First Atlantic Bank extend beyond the national stage, with the institution recently earning recognition as the Best Prepaid Card Bank in Ghana by Onafriq, a leading pan-African payments company. This acknowledgment highlights the bank's efforts to promote financial inclusion and gender equality through innovative digital payment solutions.

Commenting on the achievements, a spokesperson for First Atlantic Bank emphasized the institution's unwavering commitment to driving digital transformation and delivering superior banking experiences to its customers. "These accolades reaffirm our position as a leader in digital banking and underscore our dedication to innovation, financial excellence, and customer-centricity," the spokesperson stated.

As First Atlantic Bank continues to chart a course of innovation and growth, it remains poised to redefine the banking landscape in Ghana and beyond, setting new standards for excellence and customer satisfaction in the digital era.