La Community Bank records 38 per cent profit
Accra, July 16, GNA - The La Community Bank Limited recorded a net profit of GH¢2,640,956 in 2016 as against GH¢1,756,674 in 2015 representing 38 per cent increase.
Total assets of the bank also grew significantly by 36 per cent from GH¢34.9 million in 2015 to GH¢47.4 million in 2016.
Mr B.A. Gogo, Chairman of the Board of Directors of the bank, disclosed this at the bank's 29th Annual General Meeting in Accra on Friday.
He said during the year, the bank re-organized its scholarship scheme to ensure efficiency and effectiveness to the awarding process in assisting needy students entering both senior high school and tertiary institutions.
Mr Gogo said this year, the bank would award nine more students with bursaries to meet their school fees and educational expenses, bringing to 132, the total number of scholarships granted since the inception of the scheme in 2002.
The Board Chairman said the bank also donated GH¢50, 000.00 to the La Town Development Fund and another GH¢50, 000.00 to the La Educational Fund to support the development of the town and improve upon educational standards of the community and pledged the support of the bank in the ensuing years.
Mr Gogo said to improve customer service and provide uninterrupted banking services to clients, the bank had planned to install an Automated Teller Machine (ATM) at the Head Office.
He said although the installation had delayed, they were working hard to actualize it in the coming days.
The Board Chairman said the bank was also planning to leverage on the availability of technology to introduce other electronic banking products that would provide better and convenient services to meet the needs of customers.
Mr Kojo Marttah, Managing Director of ARB Apex Bank in an address read for him, commended the bank for its impressive performance.
He said the bank was rolling out a number of products and services which included ATM and mobile Money services and urged the La Community Bank to take advantage of the products to ensure that profitability was sustained.
A dividend of 4.55 pesewas totaling GH¢826,964 was recommended for payment to the shareholders.