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FINANCIAL STATEMENTS 2020

Our bank recorded a profit after tax of GH¢ 65.8 million at the end of 2020 despite challenges posed by the Covid-19 pandemic for the banking Industry.

This performance was on the back of Net interest income of GH¢ 180.53 million which represented a increased by 24%, from GH¢ 146.05 million in 2019. We took the strategic decision to focus on SME and Corporate value chains with particular reference to industries who were not adversely affected by the Pandemic.

We showed a strong performance on our foreign exchange income in addition to other trading income, closing the year at GH¢ 40.52 million in 2020 due to synergies harnessed between Treasury and the other Business Units.

Our Total Operating Cost increased from GH¢ 107 million in 2019 to GH¢ 112.88 million in 2020, representing a growth of 5%, this is as a result of cost containment measures implemented.

Impairment loss on our financial assets increased from GH¢ 20 million in the 2019 to GH¢ 36 million in 2020 due to the downgrade of some significant accounts and adverse risk posed during the Pandemic.

Our total balance sheet size grew marginally to GH¢ 2,059.7 million in 2020 relative to prior year.

The Bank’s net loans marginally grew by 4%, from GH¢ 725.5 million in 2019 to GH¢ 751.9 million in 2020 even as we thread cautiously during the pandemic . We recorded a rise in our NPL ratio of 11.92% for 2019 compared to 15.54% of 2020 due to the elevated risk as a result of the Pandemic.

Given that our customer base improved, with the number of accounts increasing from 293,107 in 2019 to 300,873 in 2020 coupled with our staff strength which also stood at 346 at the end of 2020; our customer deposits increased from last year’s position of GH¢ 1,083.8 million to GH¢ 1,204.1 million in 2020.

Despite the uncertainties introduced by the COVID-19 pandemic and it’s resultant systemic effects, in 2020, our Bank made a return on equity of 11.7% to its shareholders and recorded a return on assets of about 3.2%.

Capital adequacy maintained at an appreciable level as evidenced by a ratio of 46.4% which is above the regulatory limit of 10%.

Year 2020 was full of uncertainties but we strongly believe and have a firm commitment to ensuring that through deliberate strategies, the performance for the year 2021 will significantly surpass that of 2020.

We also take this opportunity to appreciate the Board and the Group for their oversight and unwavering support.

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