Even though financial institutions since the outbreak of the coronavirus pandemic have been very careful in giving out loans to business and individual clients, the First National Bank (FNB) recognizing the need to help existing clients and new ones supported give out funding to allow businesses to survive within the period.
The bank’s move norvanreports.com understands is because of their concern about the potential setback to the economy due to the outbreak of the coronavirus pandemic and measures put in place by their regulator, the Bank of Ghana to enhance banks’ ability to respond to the needs of their clients and to support the economy in general. These measures involved cuts to the Monetary Policy Rate (by 150 basis points) from 16% to 14.5% and the Primary Reserve Requirement (by 200 basis points) from 10% to 8%.
This FNB took a cue and immediately, interest rates for lending fell by various degrees.
In 2020 alone, gross loans made by the First National Bank (FNB) according to the bank’s 2020 Financial Statement, amounted to Ghs 773 million, increasing its loans to businesses amid the Covid-19 pandemic by Ghs 663 million from some Ghs 110 million made in 2019.
Peruse below details of the bank’s financial statement: