Best Point Savings and Loans records GH¢22.70m loss

Best Point Savings and Loans recorded a GH¢22.70 million loss after tax at the end of 2022,the company has said.

The recorded loss, the company indicated, could be attributed to the government's domestic debt exchange programme.

AGM

This came to light during the 9th Annual General Meeting (AGM) of the company in Accra.

The Board Chairman, Isaac Emmil Osei-Bonsu Jnr, said the government's domestic exchange programme negatively affected the
company's net impairment loss on financial assets.

He said in the year under review, the cash and cash equivalents of the company reduced by 5.86 per cent from GH¢35.25 million in 2021 to
GH¢33.18 million in 2022 while investments securities increased by 0.33 per cent from GH¢289.13 million in 2021 to GH¢290.09 million on 2022.

On some of the company’s key financial recording during the year, he said loans and advances to customers increased from GH¢44.70 million in 2021 to GH¢46.14 million in 2022, representing an increase of 3.22 per cent.

The increase in loans and advances, he said, was the outcome of deliberate strategies executed to increase the loan portfolio of the company.

Total assets of the company, he said, also increased from GH¢382.36 million in 2021 to GH¢382.54 million in 2022 while total liabilities also increased from GH¢344.41 million in 2021 to GH¢369.39 million in 2022,representing an increase of 0.04 per cent and 7.57 per cent respectively.

He also said deposits from customers increased by 6.66 per cent from GH¢338.26 million in 2021 to GH¢360.80 million in 2022.The increase in deposits was the result of deliberate efforts geared towards the mobilisation of low-cost funds.

On the outlook for 2023,he said the domestic debt exchange programme was projected to increase pressure on the
solvency and liquidity of financial institutions.

Additionally, he said the establishment of the financial stability fund by the government was expected to moderate the impact of the government's
domestic debt exchange programme and help preserve financial stability in the sector.

He commended the management and staff of the company for their committed dedication and high sense of duty and customers for their loyalty.

Retirement

The Managing Director of the company, Dr Fred Safo-Kantanka, described the year 2022 as daunting and challenging.

He said the management of the company would continue to execute appropriate strategies to ensure the company remained profitable in 2023, with measures put in place to maximise income generation while minimising operating costs.

An outgoing Director, Dr Ernest Ofori Sarpong, said the vision for the establishment of the company was for it to become the topmost savings and loans company in the country,adding: “We have partially attained that and I urge the board to strive to ensure that the vision is achieved.”

A retired Information Technology Communications expert, Kwadwo Ohemeng Essumeng, was approved to serve on the board as Director.

The meeting was also used to announce the retirement of three directors of the company namely Dr Ernest Ofori Sarpong,Daniel Asare-Minta and Kwadwo Danso-Dodoo.

They were presented with citations after they had been highly praised for their glowing contribution to the growth of the company.