Ghana International Bank records £18 million profit
London-based Ghana International Bank Plc has held its annual general meeting in Accra and announced a pre-tax profit of £18m for the financial year ending 2013.
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The Chairman of the board, Dr Kofi Wampah, who announced that, said it represented a 21 per cent increase over the £14.9m achieved in 2012.
The bank also improved its efficiency ratios, continuing the downward trend in its cost to income ratio from 28.5 per cent in 2012 to 24.2 per cent in 2013 which is still the lowest in the UK market.
Dr Wampah commended the management and staff of the bank for their dedication and hard work to achieving such results, and noted that the bank continued to maintain an enviable position within the top tier of banks in its peer group in the competitive London market.
He referred to the latest banking survey (2012) of 156 banks in London where GIB ranked first in cost to income ratio, first in profitability per employee, first in returns on assets and third in terms of returns on equity.
“With such a strong performance across all our business lines, the bank closed out 2013 with record results on both the top and bottom lines,” said Mr Joe Mensah, Managing Director and Chief Executive Officer (CEO) of GIB Plc.
“Last year, we announced a further deepening of our footprint across Africa through highly targeted syndicated lending and correspondent banking services that have yielded exposure to over 12 countries across Africa.”
“I am pleased to announce that we have made significant gains in the execution of our expansion strategy which will lead to the imminent opening of a representative office in Nairobi to spearhead our business in the Eastern, Central and Southern African region of Africa, ”he stated.
