The honours just keep coming in for OmniBSIC Bank, Ghana’s fastest-growing financial institution, and its Managing Director, Mr. Daniel Asiedu. The Bank was declared ‘Bank of the Year’ while its MD was adjudged ‘Personality of the Year-Private Sector’ at the prestigious Ghana Business Awards organized by Globe Productions.
This recognition follows right on the heels of the deserved recognition of the Bank and Mr. Asiedu as the Global Well-Respected CEO in the Banking Sector by the Business Executives Awards 2023 held recently in Singapore.
The Bank’s recent appreciation by awarding institutions does not come as a surprise when one sees the transformation of OmniBSIC Bank led by the experienced Managing Director. Since taking over the helm of affairs, the Bank has seen sustainable growth and profitability and is steadily on its way to achieving the target of becoming a top-tier financial service provider impacting individuals and businesses in all sectors of the economy.
But for the Board, Management and Staff of the Bank, this is just the beginning and more should be expected from the Bank. According to the Managing Director, Mr. Asiedu ” There is still a lot ahead, but we can see concrete progress, and that is inspiring for all of us. Our liquidity position and asset base show that we are well placed to support businesses, and that is all that we strive for.”
He used the opportunity to extend his heartfelt appreciation to the valued customers, stakeholders, and especially Board of Directors, Management and Staff who have been instrumental in the Bank’s success story.
Bank’s consistent performance
Under Mr. Asiedu’s leadership, OmniBSIC Bank successfully turned its losses into profitability for the first time in 2021, marking a significant achievement for the institution that was born through the merger between the erstwhile OmniBank and Sahel Sahara Bank in 2019. OmniBSIC Bank has not only achieved substantial profit growth but has also strengthened its balance sheet, enhancing its capacity to support large-scale transactions in the recovering Ghanaian economy.
In the third quarter of this year, the Bank’s profit before tax rose more than four-fold to GH¢153.65million, from GH¢36.93million in the same period in 2022. The balance sheet was also robust, driven largely by strong growth in investments and deposits while liquidity and capital adequacy ratios remained well above prudential requirements.
Its unaudited financial statements for the third quarter of 2023 indicated that all income lines enjoyed strong growth, resulting in interest income more than doubling to GH¢582.5million in the quarter under review from GH¢ 221.02million in the corresponding period of 2022.
OmniBSIC posted significant growth in its earning assets to consolidate its position as a robust lender and partner to businesses. Earning assets grew by 88 percent to close the quarter at GH¢3.8billion. Investments almost tripled to GH¢3.19billion in the quarter under review, from GH¢1.23billion in the same quarter of last year.
Mr. Asiedu, the seasoned banker, financial specialist and Chartered Accountant has been leveraging his almost three decades of experience as a professional to bring invaluable expertise in auditing, business consulting, general banking, financial management and investment to OmniBSIC Bank since assuming his role in 2021.
In the third quarter of 2023, Mr. Asiedu and the Bank’s Chief Operating Officer (COO), Dr. Philip Oti-Mensah were recipients of ‘Personality of the Year – Private Sector’ award and ‘COO of the Year – Private Sector’ at the second edition of the Ghana CEO Vision & Awards ceremony.
This adds to a long list of remarkable recognitions in 2023, with the Bank receiving the prestigious title of Best Corporate Health Walk of the Year at the Africa Event Awards. Furthermore, OmniBSIC’s outstanding performance was recognized at the Chartered Institute of Marketing Ghana (CIMG) 2023 Awards night, where it earned a stellar five-star rating in four distinct categories.
These accolades include five-star ratings for Customer Satisfaction in both Consumer Banking and Business Banking, as well as five-star ratings for Service Quality in Business Banking, affirming OmniBSIC’s unwavering commitment to excellence across various domains.
Products, services, and the future ahead
In an interview with Mr. Asiedu, He mentioned that the Bank had introduced various initiatives to enhance their customer service which include the establishment of a 24/7 Contact Center and the implementation of ongoing training programs for their staff to ensure they could respond effectively to customer needs. “Also, in the area of technology, we have migrated to a new core banking application (Flexcube) to improve our efficiency and productivity,” the OmniBSIC boss added.
To stay competitive to meet the evolving needs of customers, the Bank has leveraged technology and digital solutions effectively. “We, therefore, upgraded our core banking software two years ago and have received the International Organization for Standardization (ISO) certification for Information Security Management System (ISO/IEC 27001:2013) as well as Payment Card Industry Data Security Standard (PCDISS) Certification,” Mr. Asiedu said.
He also emphasised the Bank’s commitment to further growth including retail banking expansion and a continued focus on digitalization.
OmniBSIC Bank’s improved corporate governance, investments in infrastructure, and strategic partnerships have positioned it for sustainable success and greater contributions to Ghana’s financial sector, he added.