By Tony White Meribe
At the just concluded fifth Security Watch International Award held in Abuja Nigeria, Amalgamated Bank Limited was adjudged the most Security Conscious Bank in Ghana.
The bank has witnessed growth in every area of its business endeavour and at its last annual general meeting held recently, it was revealed that its net interest income rose by 108 per cent from GH¢6.3 million in 2006 to GH¢14.8 million last year.
The bank’s operating income also went up by 123 per cent from GH¢ 5.5 million in 2006 to GH¢12.3 million in 2007, bringing profit after tax to GH¢1.1 million in 2007 from a net loss of GH¢417,218 recorded in the previous year.
The total asset of the bank also saw a significant growth of 125 per cent from GH¢66.35 million in 2006 to GH¢149.38 million as of December 2007.
“The appreciable growth in the total assets base was funded by the 126 per cent growth in deposit liabilities from GH¢55.64 million in the previous year to GH¢125.7 million in 2007.
Shareholders funds also increased from GH¢7.533 million to GH¢14.232 million by December 2007 because of the injection of additional GH¢5.091 million received from shareholders and the growth in retained profit.
At the just concluded fifth Security Watch International Award held in Abuja Nigeria, Amalgamated Bank Limited was adjudged the most Security Conscious Bank in Ghana.
The bank has witnessed growth in every area of its business endeavour and at its last annual general meeting held recently, it was revealed that its net interest income rose by 108 per cent from GH¢6.3 million in 2006 to GH¢14.8 million last year.
The bank’s operating income also went up by 123 per cent from GH¢ 5.5 million in 2006 to GH¢12.3 million in 2007, bringing profit after tax to GH¢1.1 million in 2007 from a net loss of GH¢417,218 recorded in the previous year.
The total asset of the bank also saw a significant growth of 125 per cent from GH¢66.35 million in 2006 to GH¢149.38 million as of December 2007.
“The appreciable growth in the total assets base was funded by the 126 per cent growth in deposit liabilities from GH¢55.64 million in the previous year to GH¢125.7 million in 2007.
Shareholders funds also increased from GH¢7.533 million to GH¢14.232 million by December 2007 because of the injection of additional GH¢5.091 million received from shareholders and the growth in retained profit.
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