La Community records profit

The La Community Bank Limited (LCBL) has realised profit before tax of GH¢2.09 million last year as against GH¢ 1.78 million recorded in 2015.

The bank’s income also increased from GH¢ 6.7 in 2015 to GH¢ 8.0 million last year representing 19 per cent increase.

The Board chairman, Mr Benjamin Akuetey Gogo, who disclosed this at the 29th Annual General meeting of the bank in Accra, attributed the increase in profit to increased marketing activities and improvement in the bank’s relationship management.

Mr Gogo stated that net loans and advances also increased from GH¢ 3.5 million in 2015 to GH¢ 4.3 million in 2016.

He said GH¢ 330.119 had been transferred to the statutory reserve fund leaving a balance of GH¢ 1, 239.363 adding that “provision of GH¢ 826. 964 have been made for dividend pay for 2016.”

The chairman indicated that the bank had been recovering some of the long outstanding loans owed by customers and would continue to pursue all debtors for satisfactory repayment arrangements in order  to improve the loan book and maximise returns on the assets of the bank.

Mr Gogo said the bank would be prudent in its activities and would continue to identify and extend credit to credit-worthy customers.

Mr Gogo said plans were far advanced to install automated teller machines at the head office of the bank to provide improved service to customers.

The Deputy Head of Finance of ARB Apex Bank, Mr Benjamin Chemel commended the Board and staff of the bank for the impressive performance over the years.

“The profits achieved by your bank last year and other healthy financial indicators posted in the year under review are highly commendable,” he said.

He explained that for the bank to chalk a 38 per cent increase in deposits and an expansion of balance sheet by 36 per cent wasn’t a mere achievement, adding that it was a sufficient evidence of the bank’s effective management of resources.

Mr Chemel said there was a tremendous development in the rural banking sector, stating that introduction of automated teller machines (ATMs) and point-of-sale (POS) terminals, mobile money etc to customers and non customers have enhanced customer convenience in RCBs.

By Lawrence Vomafa-Akpalu and Joyceline Natally Cudjoe

 

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