First Atlantic Bank Ghana

First Atlantic Bank PLC: The Quiet Titan and the Most Extraordinary Turnaround in Ghanaian Banking History

Samuel Kwame Boadu

From GH¢189 million in assets and a fragile existence in 2010 to GH¢19.2 billion in assets, a historic stock market listing, and GH¢483 million in profit—this is the story of how Odun Odunfa and a determined team engineered one of Africa‘s most remarkable financial resurrections, culminating in a 2025 IPO that has reset the bank‘s trajectory.

APEX BROKERS

 

Executive Introduction

In the annals of Ghanaian banking, there are success stories and there are transformations. And then there is First Atlantic Bank PLC.

Over the past fifteen years, this institution has undergone what industry analyst Senyo Hosi has rightly called an extraordinary impact—not merely an improvement of an organisation, but a fundamental alteration of its trajectory . The numbers are not just impressive; they are almost incomprehensible. From total assets of GH¢189 million in 2010, the bank has surged to GH¢19.19 billion in 2025 . Customer deposits have climbed from GH¢132.7 million to GH¢16.64 billion . Profit after tax has soared from GH¢6.4 million to GH¢482.87 million . And shareholders‘ funds have grown from GH¢19 million to GH¢2.2 billion .

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This is not a story of incremental change. It is a story of institutional resurrection, strategic audacity, and disciplined transformational teamwork .

The climax of this journey arrived in late 2025, when First Atlantic Bank became a publicly listed company on the Ghana Stock Exchange (ticker: FAB), with an initial market capitalisation of GH¢3.6 billion . The listing was not an exit for early investors; it was a statement of readiness—a declaration that this bank, which began as a merchant bank in 1995 and converted to a universal bank in 2011, was now structured, capitalised, and governed to compete with the giants .

For investors, analysts, and corporate clients, First Atlantic Bank represents a distinctive proposition: a bank that has already executed the hardest part of its journey (the turnaround) and is now in the execution phase of its ambition to become a global bank out of Ghana . With a Capital Adequacy Ratio of 20.61% (well above the 13% regulatory minimum), a liquidity ratio of 143.02%, and an industry-leading cost-to-income ratio of just 39.9%, the bank is entering 2026 from a position of strength .

This ASJ profile examines the leadership of Odun Odunfa (MD/CEO since 2016, but involved since the 2011 acquisition), the 2025 financial results that cemented the turnaround, the strategic expansion into Liberia, the award-winning digital transformation (Digital Bank of the Year, two years running), the post-IPO governance reforms, and whether First Atlantic Bank can sustain its momentum as it transitions from turnaround story to sustained growth story.

Company Overview

Historical Foundation: From Merchant Bank to Universal Bank

First Atlantic Bank traces its origins to 1995, when it was founded as a merchant bank . For the first sixteen years of its existence, it operated in the wholesale banking space—providing corporate finance, trade finance, and investment banking services rather than retail deposit-taking.

The pivotal moment arrived in 2011. A new board, led by former Chairperson Karen Akiwuni-Tanoh, and a focused management team joined forces with Odun Odunfa to acquire the institution . At that time, the bank was emerging from a period of distress. The 2010 audited financials told a sobering story: total assets of just GH¢189 million, a modest GH¢6.4 million profit after tax, and a prior-year loss still fresh in memory . It was, in Hosi‘s words, a bank with potential, but without a future unless someone reimagined it .

That reimagination took the form of a strategic pivot. In 2011, the same year as the acquisition, First Atlantic Bank converted from a merchant bank to a universal bank, expanding its product portfolio to include retail and commercial banking . This allowed the bank to accept deposits from the public, dramatically expanding its funding base and customer reach.

Rebranding and the „Purple Experience“

In 2020, the bank celebrated its 25th anniversary . More recently, it has embraced a distinctive brand identity built around the colour purple and the concept of the „Purple Experience.“ According to the bank‘s corporate profile, this is a pledge to offer customers a simply fun and professional banking experience. Purple is the refreshing colour of nobility, and the bank aims to provide hassle-free, customer-convenience-oriented banking products and services that let customers enjoy absolute financial peace of mind .

Ownership Structure: Post-IPO Transformation

Prior to 2025, First Atlantic Bank was a privately held institution, though its exact ownership structure before the listing is not publicly detailed. The November 2025 Initial Public Offering (IPO) changed this fundamentally, transitioning the bank into a publicly listed company on the Ghana Stock Exchange under the ticker symbol FAB .

The listing has multiple strategic purposes:

  1. Capital Raising: The IPO provided a new source of capital to support growth and expansion

  2. Governance Strengthening: As a listed entity, the bank is required to meet higher standards of transparency, accountability, and independent board representation

  3. Liquidity for Shareholders: Early investors and employees gained a path to liquidity

  4. Enhanced Credibility: The listing signals to corporate clients, international partners, and institutional depositors that the bank meets global standards of financial reporting and governance

As of early 2026, the bank‘s market capitalisation stands at approximately GH¢2.83 – GH¢2.9 billion, with a share price around GH¢7.80 – GH¢7.97 .

Leadership: Odun Odunfa and the Turnaround Team

Odun Odunfa – Managing Director & CEO

The architect of First Atlantic Bank‘s transformation is Odun Odunfa . His involvement with the bank dates to 2011, when he joined the team that acquired the then-distressed institution. He assumed the role of Managing Director and CEO in 2016 and has led the bank through its most consequential period of growth .

Industry analyst Senyo Hosi has described Odunfa‘s impact in the strongest possible terms:

“In reflecting on the evolution of Ghana‘s banking sector, as banks published their financials last month, it is impossible to overlook the extraordinary impact of Odun Odunfa, whose leadership at First Atlantic Bank has not merely improved an organisation; it has altered its trajectory. A pure exhibition of teamwork.”

Odunfa‘s leadership philosophy appears to combine strategic patience with aggressive execution. Under his stewardship, the bank has not only grown its balance sheet but also transformed its operational efficiency, achieving a cost-to-income ratio of 39.9%—significantly below the industry average of 48.8% .

Following the 2025 AGM in April 2026, Odunfa spoke to the bank‘s sustained growth momentum, noting that all major indices grew, deposits went up almost 40 percent, and profit before tax exceeded GH¢700 million .

Board of Directors

The bank is chaired by Amarquaye Armar, who has been leading the post-IPO governance transition . Following the listing, the board has been strengthened with the appointment of additional independent non-executive directors, in line with best practice for publicly traded companies .

Key board committees—including remuneration, nomination and governance, audit, and risk management—are being restructured to ensure a majority of independent directors . Notably, one independent non-executive director will be specifically assigned to look out for the interests of minority shareholders .

Operations and Footprint

First Atlantic Bank operates a nationwide network of branches, though the precise count is not publicly disclosed. Its headquarters is located at Atlantic Place, No. 1 Seventh Avenue Ridge West, Accra . The bank employs approximately 500–1,000 people .

In 2025, the bank achieved a significant strategic milestone by expanding into Liberia, marking its first international presence and a key step in its ambition to build a pan-African banking franchise . The move is expected to support cross-border trade, deepen financial integration, and position the bank to benefit from regional economic opportunities under the African Continental Free Trade Area (AfCFTA) .

Business Model: The Universal Bank With Exceptional Efficiency

First Atlantic Bank operates as a full-service universal bank, offering distinctive service in retail, corporate and institutional banking, private banking, and electronic banking . Each category comprises a range of innovative services designed to provide convenience to customers.

Core Business Segments

1. Personal Banking

  • Current accounts, savings accounts, and remittance services

  • Salary advances, personal loans, and deductible loans (controller and accountant general‘s department)

  • Consumer-focused products designed for convenience and accessibility

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2. Business Banking

  • Corporate current accounts, flex business accounts, and business savings accounts

  • Electronic payments, electronic collections, bulk payments and collections, and cash management services

  • Term loans, drawing against uncleared effects/cheque discounting services, vehicle financing services, and cash-backed facility services

  • Bid bonds, import duty financing services, and receivable/invoice financing services

3. Corporate and Institutional Banking

  • Trade finance (the bank has won awards for trade finance excellence)

  • Corporate lending and working capital facilities

  • Institutional banking for public sector entities and large enterprises

4. Electronic and Digital Banking

  • The bank‘s digital platforms, which have earned it the Digital Bank of the Year award for two consecutive years

  • Mobile banking, internet banking, and digital payment solutions

5. Women Banking Initiative

A dedicated programme offering tailored financial solutions, advisory services, and capacity-building programmes for women entrepreneurs and professionals .

How They Make Money: The 2025 Financials

First Atlantic Bank‘s 2025 financial results represent the culmination of fifteen years of transformation. The audited financial statements, approved by Deloitte & Touche with an unmodified opinion, tell a story of exceptional performance .

Profitability Metrics:

Metric 2025 2024 Change
Profit After Tax GH¢482.87 million GH¢337.1 million +43%
Profit Before Tax GH¢703.9 million GH¢539.3 million +30.5%
Total Operating Income GH¢1.30 billion GH¢1.09 billion +19.3%
Net Interest Income GH¢962 million GH¢576 million +67%
Net Profit Margin 39.46% ~31% (est.) +850bps

Revenue and Efficiency:

Metric 2025 Value Significance
Revenue (Annual) GH¢1.22 – 1.28 billion +15.81% growth
Cost-to-Income Ratio 39.9% Significantly below industry average of 48.8%
Operating Margin ~43% Reflects strong operational discipline

Balance Sheet Strength:

Metric 2025 2024 Change
Total Assets GH¢19.19 billion GH¢13.32 billion +44%
Customer Deposits GH¢16.64 billion GH¢11.61 billion +43.3%
Cash & Balances with Banks GH¢8.1 billion GH¢4.6 billion +76%
Loans & Advances ~GH¢1.95 billion Stable
Shareholders‘ Funds GH¢2.2 billion GH¢1.59 billion +38%
Stated Capital GH¢726 million +GH¢204.3 million raised

Risk and Capital Metrics:

Metric 2025 Value Regulatory Minimum Industry Context
Capital Adequacy Ratio (CAR) 20.61% 13% Strong buffer
Non-Performing Loan Ratio 17.80% N/A Improved from 19.14% in 2024
Liquidity Ratio 143.02% N/A Exceptionally strong
Debt/Equity Ratio 0% N/A No long-term debt

Analysis of Key Drivers

Exceptional Profitability Growth: The 43% increase in profit after tax (to GH¢482.87 million) is driven by the 67% surge in net interest income. The bank capitalised on a higher-yield environment while expanding its earning asset base .

Industry-Leading Efficiency: The cost-to-income ratio of 39.9% is remarkable. For context, the industry average is 48.8%, and many banks struggle to keep this ratio below 50% . First Atlantic Bank‘s efficiency gives it pricing power and profitability resilience that less efficient competitors lack.

Fortress Liquidity: The liquidity ratio of 143.02% means the bank holds 43% more liquid assets than needed to meet short-term obligations. This is exceptionally conservative and positions the bank to withstand economic shocks .

Clean Balance Sheet with No Debt: The bank reports a debt/equity ratio of 0%, meaning it has no long-term borrowings . This is unusual for a bank of its size and reflects a deliberate strategy of funding growth through deposits and equity rather than debt.

Asset Quality Improvement: The NPL ratio improved from 19.14% to 17.80% . While 17.8% remains elevated by industry standards (GCB, for comparison, has 4.9%), the trajectory is positive. The bank‘s loan book is relatively small (GH¢1.95 billion) relative to total assets (GH¢19.19 billion), meaning non-performing loans constitute a manageable portion of the balance sheet.

Regulatory Compliance: The bank recorded only one default in prudential requirements during 2025, attracting a minor sanction of GH¢2,000—a significant improvement from three defaults totalling GH¢23,820 in 2024. No defaults were recorded in statutory liquidity requirements .

Digital Strategy and Innovation: The Digital Bank of the Year

First Atlantic Bank has invested heavily in its digital transformation, and the results have been recognised by the industry.

Digital Bank of the Year (Two Years Running)

In March 2025, First Atlantic Bank celebrated a five-award victory at the Ghana Fintech Awards, including the coveted Digital Bank of the Year title—an award the bank proudly retained for the second consecutive year . The previous year, at the Ghana Fintech Awards 2023, the bank had also clinched the Digital Bank of the Year award .

These awards recognise the bank‘s commitment to innovation, customer-centric solutions, and industry leadership .

Digital Infrastructure Investments

The bank continues to invest heavily in digital infrastructure and fintech partnerships to improve efficiency and customer experience. These investments are also focused on strengthening cybersecurity systems while delivering innovative products tailored to evolving customer needs .

Key digital offerings include:

  • Mobile banking for retail customers

  • Internet banking (BOAWeb equivalent) for corporate and retail clients

  • Electronic payments and collections for businesses

  • Bulk payments and collections for institutional clients

The Purple Experience

The bank‘s digital strategy is wrapped in its Purple Experience brand promise—offering customers hassle-free, customer-convenience-oriented banking products and services that let them enjoy absolute financial peace of mind . The digital channels are a key delivery mechanism for this promise.

Future Digital Priorities

As articulated in the bank‘s 2026 outlook, digital innovation remains one of three key pillars (alongside regional expansion and sustainability). The bank plans to deepen its digital capabilities to support growth and customer acquisition .

The Turnaround: From GH¢189 Million to GH¢19.2 Billion

The scale of First Atlantic Bank‘s transformation deserves dedicated analysis. Industry analyst Senyo Hosi has documented the journey in compelling detail .

The Starting Point (2010)

Metric 2010 Value
Total Assets GH¢189 million
Customer Deposits GH¢132.7 million
Profit After Tax GH¢6.4 million
Shareholders‘ Funds GH¢19 million

The Ending Point (2025)

Metric 2025 Value Growth
Total Assets GH¢19.19 billion +10,000%
Customer Deposits GH¢16.64 billion +12,500%
Profit After Tax GH¢482.9 million +7,500%
Shareholders‘ Funds GH¢2.2 billion +11,500%

The Leadership Timeline

  • 2011: Acquisition of the bank by new board (Karen Akiwuni-Tanoh) and management team including Odun Odunfa. Conversion from merchant bank to universal bank .

  • 2016: Odun Odunfa assumes role of Managing Director/CEO .

  • 2011–2025: Fifteen years of disciplined execution, governance renewal, capital strengthening, operational modernisation, and restored market confidence .

  • November 2025: Successful listing on the Ghana Stock Exchange with market capitalisation of GH¢3.6 billion .

Hosi summarises the achievement succinctly:

*”These achievements are not merely financial milestones. They are the architecture of a turnaround. They represent fifteen years of disciplined execution, governance renewal, capital strengthening, operational modernisation, and restored market confidence covering his stewardship as the lead in the acquisition of the bank in 2011 through his assumption as MD/CEO in 2016 to the bank‘s various capitalisation exercises culminating in its listing on the GSE in November 2025.”*

Market Position and Competition

Industry Standing: The Resurrected Challenger

First Atlantic Bank has emerged from its turnaround as a genuine Tier-2 contender with Tier-1 ambitions. With total assets of GH¢19.19 billion, it is roughly comparable to OmniBSIC (GH¢21.6 billion) and larger than FirstBank Ghana (GH¢6.24 billion) and BOA Ghana (GH¢4.03 billion) .

The bank‘s ambition, articulated in its vision statement, is striking: To be a global bank out of Ghana . This is not merely rhetorical; the expansion into Liberia in 2025 is the first concrete step toward this pan-African ambition .

Awards and Recognition

First Atlantic Bank has accumulated substantial external validation:

Award Year Issuing Body
Digital Bank of the Year 2025 Ghana Fintech Awards
Digital Bank of the Year 2024 Ghana Fintech Awards
Trade Finance Awards (multiple) Various Various
Customer Care Excellence Awards Various Various

Competitive Position

First Atlantic Bank‘s competitive advantages are distinct and defensible:

  1. Exceptional Cost Efficiency: The 39.9% cost-to-income ratio is a superpower. It means the bank can remain profitable at interest rate spreads that would crush less efficient competitors .

  2. Fortress Liquidity and Capital: CAR of 20.61% and liquidity ratio of 143.02% provide substantial buffers for growth and risk absorption .

  3. Post-IPO Governance Credibility: The listing and the associated governance reforms—including dedicated independent directors for minority shareholders—signal a commitment to transparency that attracts institutional depositors and investors .

  4. Digital Leadership: Two consecutive Digital Bank of the Year awards indicate that the bank‘s technology investments are delivering measurable results .

  5. Liberia Beachhead: The expansion into Liberia gives First Atlantic Bank a first-mover advantage in a neighbouring market, positioning it to capture cross-border trade flows under AfCFTA .

  6. Clean Balance Sheet: The 0% debt/equity ratio means the bank has no interest-bearing debt obligations, reducing financial risk and improving earnings stability .

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Competitive Disadvantages

  1. Elevated NPL Ratio: At 17.80%, the NPL ratio remains a concern. It has improved from 19.14%, but further reduction is needed to match industry leaders .

  2. Small Loan Book: At approximately GH¢1.95 billion, the loan book is small relative to total assets (GH¢19.19 billion). This suggests the bank is holding significant liquidity (GH¢8.1 billion in cash) that could be deployed more productively .

  3. Limited International Presence: Beyond Liberia, the bank has no international footprint. The vision of becoming a „global bank out of Ghana“ remains aspirational.

  4. Brand Heritage Relative to Giants: First Atlantic Bank lacks the multi-generational brand equity of GCB (1953) or the pan-African prestige of Ecobank. The „Purple Experience“ is distinctive, but brand building takes time.

Regional Expansion: The Liberia Beachhead

In 2025, First Atlantic Bank achieved a significant strategic milestone by expanding into Liberia, marking the bank‘s first international presence .

Strategic Rationale

The move is expected to support cross-border trade, deepen financial integration, and position the bank to benefit from regional economic opportunities . Liberia, like Ghana, is a West African nation with significant natural resources and a growing economy. The banking sector there is less competitive than Ghana‘s, offering First Atlantic Bank an opportunity to establish a strong presence without the intense rivalry it faces at home.

AfCFTA Alignment

The Liberia expansion aligns with the African Continental Free Trade Area (AfCFTA) agenda. As intra-African trade grows, banks with presence in multiple countries will be well-positioned to facilitate cross-border payments, trade finance, and correspondent banking. First Atlantic Bank‘s Liberia subsidiary gives it a foothold in this emerging ecosystem.

Future Expansion

The bank has indicated it will explore opportunities in other high-potential African markets beyond Liberia, though specific countries have not been announced .

Sustainability and ESG: Green Finance and Inclusive Banking

First Atlantic Bank has embedded Environmental, Social, and Governance (ESG) practices as a core pillar of its long-term strategy .

Environmental Initiatives

The bank has taken concrete steps to reduce its environmental footprint:

  • Solar Power Installation: Began installing solar power systems across branches

  • Waste Segregation: Introduced waste segregation programmes

  • Electric Vehicle Fleet: Prioritised electric vehicles (EVs) in its fleet

Green Finance Products

  • FAB GreenDrive Auto Loan: Supports the adoption of electric vehicles

  • Project REACT: Finances solar energy systems and clean transport solutions

Social Initiatives

  • Women Banking Initiative: Offers tailored financial solutions, advisory services, and capacity-building programmes for women entrepreneurs and professionals

  • Corporate Social Responsibility: The bank ramped up CSR spending to GH¢2.74 million in 2025, a sharp increase from GH¢815,000 in 2024

Governance Reforms

Following the IPO, the bank is undertaking major governance reforms:

  • Appointment of additional independent non-executive directors

  • Restructuring of remuneration, nomination, and governance committees to ensure majority independent directors

  • Dedicated independent director for minority shareholder interests

  • Annual board and management evaluations

  • External assessments to ensure compliance with regulatory standards

Challenges and Risks

No analysis of First Atlantic Bank is complete without acknowledging the headwinds that accompany its remarkable ascent.

Risk 1: The NPL Overhang (17.80%)

While the NPL ratio improved from 19.14% to 17.80% in 2025, this remains elevated . For context:

Bank NPL Ratio Comparison
GCB Bank 4.9% Significantly better
FirstBank Ghana 6.13% Significantly better
Access Bank Ghana Not disclosed Unknown
First Atlantic Bank 17.80% Elevated

The bank‘s small loan book (GH¢1.95 billion) relative to total assets (GH¢19.19 billion) means that non-performing loans constitute a manageable portion of the balance sheet—but they still represent a drag on earnings and a risk to capital.

Risk 2: Loan Book Deployment

The bank holds GH¢8.1 billion in cash and balances with banks—more than four times the size of its loan book . While this provides exceptional liquidity, it also means the bank is not maximising returns. As interest rates decline, the yield on this cash will compress, potentially squeezing net interest income.

The bank must deploy more of its liquidity into higher-yielding loans without deteriorating asset quality. This is a delicate balancing act.

Risk 3: Liberia Expansion Execution Risk

The expansion into Liberia is strategically sound, but execution is everything. Establishing a banking presence in a new country requires:

  • Regulatory approval and compliance

  • Local talent acquisition

  • Technology infrastructure deployment

  • Brand building in a competitive market

If the Liberia subsidiary struggles, the costs could outweigh the strategic benefits.

Risk 4: Post-IPO Governance Transition

The transition from a privately held institution to a publicly listed company is not merely administrative; it is cultural. The bank must adapt to:

  • Quarterly earnings scrutiny

  • Enhanced disclosure requirements

  • Independent board oversight (including directors who may challenge management)

  • Activist shareholders

The board‘s commitment to governance reforms is encouraging, but the transition will take time .

Risk 5: Economic Sensitivity

Ghana‘s economy, while recovering, remains vulnerable to commodity price shocks (gold, cocoa, oil), climate risks affecting agriculture, and the lingering effects of the debt restructuring. A return to macroeconomic instability would affect First Atlantic Bank‘s loan portfolio, deposit base, and profitability.

Risk 6: Competition

As the bank grows, it will increasingly compete with Tier-1 incumbents—GCB, Ecobank, Stanbic—that have deeper pockets, larger branch networks, and stronger brand recognition. The bank‘s cost efficiency provides a moat, but scale matters in banking.

Economic and Industry Impact

Employment

First Atlantic Bank employs approximately 500–1,000 people . The bank‘s expansion—both organic and through the Liberia subsidiary—will likely increase this figure.

SME Support

Through its Business Banking segment, the bank provides working capital, trade finance, and transaction banking services to Ghana‘s small and medium enterprises. The receivable/invoice financing services and import duty financing are particularly valuable to SMEs that struggle with cash flow gaps .

Women‘s Economic Empowerment

The Women Banking Initiative is a concrete contribution to gender-inclusive economic growth. By providing tailored financial solutions and capacity-building programmes, the bank helps women entrepreneurs access the capital and expertise they need to grow their businesses .

Green Finance

The FAB GreenDrive Auto Loan and Project REACT are early examples of green finance in Ghana‘s banking sector. As climate change concerns intensify, banks that have developed green finance capabilities will be well-positioned to capture emerging opportunities .

Banking Sector Stability

First Atlantic Bank‘s successful turnaround and listing contribute to overall banking system stability. A healthy, well-capitalised, efficiently run bank reduces systemic risk and provides competitive pressure that benefits all market participants.

Capital Markets Development

The bank‘s IPO—with initial market capitalisation of GH¢3.6 billion—has added liquidity and depth to the Ghana Stock Exchange. The financial services sector now has another listed entity for investors to consider, diversifying the exchange‘s offerings .

Future Outlook

As of May 2026, First Atlantic Bank is executing a three-pillar strategy for 2026 and beyond: growth and regional expansion, digital innovation, and sustainability and inclusive banking .

The Immediate Agenda

The bank‘s priorities for 2026-2027 are likely to include:

  1. Deepening the Liberia presence while exploring other high-potential African markets

  2. Deploying the GH¢8.1 billion cash hoard into higher-yielding loans without compromising asset quality

  3. Further reducing the NPL ratio from 17.80% toward industry-leading levels

  4. Completing the post-IPO governance transition with all board committees fully independent

  5. Scaling the Women Banking Initiative and green finance products

The Bull Case (Optimistic)

  • Liberia expansion succeeds: The subsidiary gains market share, becomes profitable within 2-3 years, and serves as a platform for further West African expansion.

  • Loan book deployment accelerates: The bank deploys GH¢3-4 billion of its GH¢8.1 billion cash into performing loans, boosting net interest income by 30-40% without significant NPL deterioration.

  • NPLs fall to single digits: Aggressive recoveries and improved underwriting reduce the NPL ratio to 10-12% by end-2026.

  • Cost efficiency sustains: The 39.9% cost-to-income ratio holds or improves, providing a competitive moat.

  • Stock rerates: As earnings grow and the market recognises the bank‘s efficiency and capital strength, the P/E ratio expands from ~6x to 8-10x.

  • Dividend growth: The GH¢75 million dividend declared for 2025 grows as earnings increase, attracting income-focused investors .

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The Bear Case (Pessimistic)

  • Liberia expansion struggles: Regulatory hurdles, talent acquisition challenges, or competitive pressures delay profitability; the subsidiary becomes a drag on group earnings.

  • Loan deployment backfires: Aggressive lending leads to new NPLs; the NPL ratio rises above 20%, requiring higher provisions and depressing profits.

  • Ghana‘s economic recovery stalls: Commodity prices fall or political instability returns; deposit growth slows, loan defaults rise.

  • Competition intensifies: Larger banks launch aggressive digital and SME banking campaigns, eroding First Atlantic Bank‘s market share.

  • Post-IPO governance friction: The transition to greater transparency and independent oversight creates management-board friction; strategic execution slows.

The Verdict

First Atlantic Bank PLC is the most compelling turnaround story in Ghanaian banking history. The numbers—GH¢189 million to GH¢19.19 billion in assets, GH¢6.4 million to GH¢483 million in profit—are not merely impressive; they are almost unprecedented .

But this is not a story about the past. The bank has already completed the hardest part of its journey. It is now a well-capitalised (CAR 20.61%), exceptionally liquid (liquidity ratio 143.02%), and remarkably efficient (cost-to-income 39.9%) institution . The November 2025 listing on the Ghana Stock Exchange has provided additional capital and imposed the governance disciplines of a public company .

The Liberia expansion is a sensible first step toward pan-African ambitions, and the commitment to ESG—particularly the Women Banking Initiative and green finance products—aligns with global best practices .

The risks are real. The NPL ratio, while improving, remains elevated at 17.80% . The loan book is small relative to the bank‘s liquidity, suggesting room for more aggressive deployment. And the post-IPO governance transition will test the bank‘s ability to balance transparency with decisive execution.

But the trajectory is unmistakable. Under the leadership of Odun Odunfa—who has been involved since the 2011 acquisition and served as MD/CEO since 2016—First Atlantic Bank has demonstrated that it can execute . The bank‘s vision of becoming a global bank out of Ghana is ambitious, but after fifteen years of delivering on promises, it has earned the right to dream .

For corporate clients, First Atlantic Bank offers exceptional efficiency, strong capitalisation, and a growing regional presence. For retail customers, the Purple Experience and Digital Bank of the Year awards signal a commitment to convenience and innovation. For investors, the bank offers exposure to one of Ghana‘s most dynamic financial institutions at a P/E of approximately 6x – a reasonable entry point for a bank with this growth trajectory .

First Atlantic Bank is no longer a turnaround story. It is a growth story. And the next chapter—pan-African expansion, digital leadership, and sustainable finance—is just beginning.

FAQ SECTION

1. Is First Atlantic Bank a Ghanaian-owned bank?
Yes. First Atlantic Bank PLC is a wholly Ghanaian institution, originally founded in 1995 as a merchant bank and now operating as a universal bank. It became a publicly listed company on the Ghana Stock Exchange in November 2025 under the ticker FAB .

2. Who is the Managing Director of First Atlantic Bank?
The Managing Director and CEO is Odun Odunfa. He has been involved with the bank since its 2011 acquisition and assumed the role of MD/CEO in 2016. Under his leadership, the bank has achieved a 10,000% increase in total assets .

3. How did First Atlantic Bank perform in 2025?
First Atlantic Bank delivered record results in 2025: profit after tax of GH¢482.87 million (+43%), profit before tax of GH¢703.9 million (+30.5%), total assets of GH¢19.19 billion (+44%), and customer deposits of GH¢16.64 billion (+43%). The bank‘s Capital Adequacy Ratio stood at 20.61%, and its cost-to-income ratio was an industry-leading 39.9% .

4. When did First Atlantic Bank list on the Ghana Stock Exchange?
First Atlantic Bank completed its Initial Public Offering (IPO) and listed on the Ghana Stock Exchange in November 2025, with an initial market capitalisation of GH¢3.6 billion. The bank trades under the ticker FAB .

5. What is the „Purple Experience“?
The Purple Experience is First Atlantic Bank‘s brand promise to offer customers a simply fun and professional banking experience. Purple is the refreshing colour of nobility, and the bank aims to provide hassle-free, customer-convenience-oriented banking products and services .

6. Has First Atlantic Bank won any awards?
Yes. The bank has won Digital Bank of the Year at the Ghana Fintech Awards for two consecutive years (2024 and 2025). It has also won awards for trade finance, customer care, and corporate banking excellence .

7. Is First Atlantic Bank expanding outside Ghana?
Yes. In 2025, the bank expanded into Liberia, marking its first international presence. The move is expected to support cross-border trade and position the bank to benefit from the African Continental Free Trade Area (AfCFTA) .

8. What is First Atlantic Bank‘s Non-Performing Loan (NPL) ratio?
As of 2025, First Atlantic Bank‘s NPL ratio was 17.80%, improved from 19.14% in 2024. While this remains elevated, the bank‘s loan book is relatively small (GH¢1.95 billion) compared to its total assets (GH¢19.19 billion) .

9. Does First Atlantic Bank offer green finance products?
Yes. The bank has launched Project REACT (financing solar energy systems and clean transport solutions) and the FAB GreenDrive Auto Loan (supporting electric vehicle adoption). The bank has also begun installing solar power systems across its branches .

10. What is First Atlantic Bank‘s dividend policy?
For the 2025 financial year, the bank declared a dividend of GH¢75 million. Earnings per share climbed to 137 Ghana pesewas, up from 101 pesewas in the prior year .

11. How efficient is First Atlantic Bank compared to peers?
The bank‘s cost-to-income ratio of 39.9% is significantly below the industry average of 48.8%, making it one of the most efficiently run banks in Ghana .

12. How has First Atlantic Bank‘s stock performed since its IPO?
The stock trades around GH¢7.80 – GH¢7.97, with a market capitalisation of approximately GH¢2.83 – GH¢2.9 billion. The P/E ratio is approximately 6x, and the P/B ratio is approximately 1.3x .

QUICK FACTS BOX

Item Details
Founded 1995 (as a merchant bank); 2011 (converted to universal bank)
Headquarters Atlantic Place, No. 1 Seventh Avenue Ridge West, Accra, Ghana
Industry Banking / Financial Services
Services Personal Banking, Business Banking, Corporate Banking, Institutional Banking, Private Banking, Electronic Banking, Trade Finance
Ownership Publicly listed (Ghana Stock Exchange)
Stock Ticker GHSE: FAB
Listing Date November 2025
IPO Market Cap GH¢3.6 billion
Current Market Cap GH¢2.83 – 2.9 billion
CEO (MD) Odun Odunfa (since 2016; involved since 2011)
Board Chairman Amarquaye Armar
Employees 500–1,000
Total Assets (2025) GH¢19.19 billion
Customer Deposits (2025) GH¢16.64 billion
Profit After Tax (2025) GH¢482.87 million
Profit Before Tax (2025) GH¢703.9 million
Revenue (2025) GH¢1.22 – 1.28 billion
Capital Adequacy Ratio 20.61%
Liquidity Ratio 143.02%
NPL Ratio 17.80% (improved from 19.14% in 2024)
Cost-to-Income Ratio 39.9% (industry average: 48.8%)
Return on Equity ~22% (implied)
Net Profit Margin 39.46%
Dividend (2025) GH¢75 million
EPS (2025) 137 pesewas
Key Strategic Initiative Liberia expansion (2025)
Key Award Digital Bank of the Year (2024, 2025)
Key Brand The Purple Experience
Auditor Deloitte & Touche (unmodified opinion)
Regulator Bank of Ghana
Website firstatlanticbank.com.gh

Last Updated on May 4, 2026 by Samuel Kwame Boadu

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