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20.04.2006 General News

Ghana International Bank Records Impressive Net Profit

The London-based Ghana International Bank recorded an impressive performance of 85 per cent growth in profit before tax from £2.1 million in 2004 to £3.9 million at the end of last year.

At the annual general meeting held in London, the Board Chairman of the Bank, Dr Paul Acquah, said the year-end result, which was the best since the formation of the bank, was a clear vindication of the new strategic direction to reposition the bank as a true London-based bank, but with a Pan-African outlook, according to a statement issued by the Accra office of the bank.

Dr Acquah stated that while Ghana would always remain a key market, there had been an accelerated roll-out of the Pan-African strategy that had seen the bank expand its footprint in over five countries across the African continent through partnership with other major international banks.

According to the statement, Dr Acquah noted that an important role of the bank was to provide accessible banking services to the Ghanaian community in the diaspora, as well as to facilitate the transfer of savings back to Ghana to support the domestic economy, adding that its correspondent bank product offering now transcends the ECOWAS region.

The statement said the board chairman expressed his delight at the progress made in this regard through the launch of a cash card that allows account holders to access their funds on demand basis around the clock from over 13,000 HSBC ATM's located across the UK.

The statement said virtual banking and a remote access funds transfer facility over the Internet was also successfully rolled out during the same period.

It said the Managing Director and CEO, Mr J.R. Mensah, attributed the record performance mainly to a strong and favourable economic environment in Ghana and the markets that the bank operates in, together with the exploitation of new business opportunities, a favourable interest rate regime, business re-engineering and effective cost management.

From the Business Desk