Income Statement Analysis
Most of our activities in 2016 were primarily focused on achieving our goal of creating value for all stakeholders. To this end, we recorded a profit after tax of GH¢ 24.2 million.
Net interest income for the year stood at GH¢ 112.4 million relative to GH¢ 84.4 million in 2015, representing a 33% growth. This achievement was driven by aggressively growing our Public sector loans and maintaining the efficiency of our balance sheet evolution with 80% being earning assets.
Fees and commission went up from GH¢17.5million in 2015 to GH¢ 20.5 million representing a 17% growth. Our strategic focus on retail activities brought improvements in Loan fee income, Exchange profit and other charges at the branch level.
Despite unfavorable economic environment experienced in Ghana coupled with significant capital expenditure on our new Head Office – Octagon and 3 additional branches in year 2016, we managed to hold operating cost at a 22% increment. It went up from GH¢ 62.2million in 2015 to GH¢ 76.1million.