La Community Bank’s profit shoots up in 2014

Mr. Gogo addressing shareholders

Mr. Gogo addressing shareholders

The La Community Bank Limited (LCBL) has recorded an impressive performance by closing the 2014 fiscal year recording a profit before tax of GH¢1.8 million last year as against GH¢1.1 million recorded in 2013.

The bank attributed the achievement to a significant growth in its assets earnings.

The acting board chair of the bank, Mr. Benjamin Gogo, who announced this at LCBL’s 27th Annual General Meeting (AGM), said total assets of the bank grew by approximately 22 per cent from GH¢ 25 million in 2013 to GH¢ 30 million in 2014.

He said the total deposits also increased from GH¢ 19 million in 2013 to GH¢ 22 million which represented a 15 per cent increase, thus enabling the bank to enhance its loan and investments portfolios.

Mr. Gogo said, in spite of the economic challenges including depreciation of the cedi, power outages and high inflation rates, the bank maintained its growth in money market investments of GH¢ 19 million by 14 per cent.

He said the bank has resolved to pay a dividend of 4.55Gp totalling GH¢826, 964 to its shareholders while giving assistance to credit-worthy customers to keep its core business in focus and promote business and economic development within the bank’s catchment areas.

“The net profit after deducting tax liability of GH¢158, 688 was GH¢1, 697, 560. Out of the amount, GH¢212,195 has been transferred to the Statutory Reserve Fund, leaving a balance of GH¢1, 485, 365,” he said.

According to him, the bank has demonstrated over the years that it was not only a viable and successful institution, but it was also mindful of its social responsibilities towards its local communities.

“In this regard, in addition to the numerous donations made in the courses of the year towards worthy cause, we have continued with our commitment to provide assistance to worthy projects including an amount of GH¢50, 000.00 allocated to the La Township Development Fund and another GH¢50,000.00 to the La Educational Fund,” he said.

Mr. Gogo said the bank had also granted scholarships to nine students in secondary and tertiary institutions, adding up to a total of 124 beneficiaries of its scholarship programme.

He said the interventions were being carried to ensure that the bank impacted significantly on the economic and social life of the people in the areas in which it operates.

By Charles Amankwaa & Francis Osei Sarpong

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