In this regard, the bank would soon open new cash mobilisation centres in some commercial areas in the city in order to get closer to its customers and increase the bank’s deposits for investment and lending activities.
Mr. Benjamin Akuete Gogo, Board Chairman of the bank disclosed this at the 28th Annual General Meeting of the bank held in Accra.
He said plans were advanced to expand its branch networks and install Automated Teller Machines (ATM) across its branch networks in the country.
Mr. Gogo said, this year the bank would complete the second floor of its head office building to provide a more congenial environment for all the departments of the bank.
According to him, the bank is committed to the continuous development of its human capital and would continue to invest hugely in its staff.
Mr. Gogo disclosed that a dividend of 4.55 pesewas per share, totaling GH¢826,964.00 was approved for the year ended December 31, 2015.
He said despite the harsh economic environment, interest received by the bank increased by 17 per cent from GH¢5.7 million to GH¢6.7 million.
Additionally, interest expense increased by 16 per cent from GH¢483,840 to GH¢563,850, due to the high interest rate regime in the country.
Mr. Gogo said operating expenses rose to GH¢5,256,977, representing an increase of 42 per cent over the 2014 figure of GH¢3,693,900.
“The net profit after deducting tax liability of GH¢ 27,546 which became available for appropriation was GH¢ 1,756,674. Out of this amount, GH¢ 219,584 has been transferred to the Statutory Reserve Fund, leaving a balance of GH¢1,537,090”, he added.
Mr. Gogo mentioned that total assets, total deposits and total money market investments of the bank grew by three per cent, eight per cent and nine per cent respectively.
“Net loans and advances recorded a decrease of about 38 per cent from GH¢5.7 million in 2014 to GH¢3.6 million in 2015. The high default rate by borrowers, which still persists, resulted in the decrease, as we continue to be cautious, selective and judicious in our lending activities”, he explained.
He said GH¢50,000 each was allocated to the La Township Development Fund and the La Education Fund as part of their corporate social responsibility.
According to Mr. Gogo, eight students in secondary and tertiary institutions were granted scholarships in 2015, bringing the total number of beneficiaries of the scheme since 2002 to 123.
By Joseph Edu Archison