The Chief Executive officer of the Ghana Amalgamated Trust (GAT), Eric Otoo, says while there have been major improvements in the governance structure of the GAT banks there is still opportunity for improvement. According to the CEO, comparing the current situation of the GAT banks prior to their recapitalisation, there has been a marked improvement in governance structure and profitability.
Prudential Bank has for the first time in eight (8) years distributed a portion of profits as dividend to its shareholders. The bank, with approval from the Bank of Ghana, has paid 0.01698 per share to its shareholders.
The Agricultural Development Bank PLC (ADB) has recorded a profit after tax of GH¢81.6 million in 2021, up from the GH¢65.4 million the bank posted in 2020. This represents over 24.8 per cent growth, leading a return on equity and return on assets of 12.09 per cent and 1.81 per cent respectively.
Prudential Bank, a leading indigenous bank, has demonstrated resilience by posting strong growth results across all key financial metrics despite a challenging operating environment. The bank’s transformation agenda continues to deliver impressive positive results as pre-tax profit grew by 49.6% from GH 62.79 million in the first half of 2021 to GH¢ 93.97 million in the first half of 2022.
Indigenous lender, OmniBSIC Bank, has recapitalised to about GH¢516million – above the regulatory requirement of GH¢400million. The large capital gives comfort to customers and the general public, strengthens the bank’s buffers and its balance sheet, as well as enhances its capacity to fund big-ticket transactions in an economy where businesses are recovering from the global twin challenges.
The Universal Merchant Bank (UMB), a leading indigenous Ghanaian bank today out-doored an online platform that allows customers of the Bank to link their Ghana Cards to their UMB accounts online, without having to go into their branch. The service, dubbed Ez Update, allows customers to scan their Ghana Cards with their phones and load this information onto a secure portal. Customers are then able to sign into this portal and link their Ghana card to their account.
OmniBSIC Bank has overturned its losses into profit for the first time since it was outdoored from the merger of two banks in 2019. The bank posted a gross profit of GH¢8.69 million in the first quarter of this year, marking a fresh chapter for a lender whose operations have been stabilised and refocused as a partner to businesses and the provision of tailored solutions.
Prudential Bank’s (PBL’s) quest to become the country’s leading indigenous bank has been given a new impetus after the bank was awarded a five-star rating in the recent Chartered Institute of Marketing Ghana (CIMG) Customer Satisfaction Index report. The Bank earned its rightful place as a five-star bank for outstanding service quality after it was adjudged second in the overall CIMG-CSI Best Bank for service quality.
After years of underperformance, the Agricultural Development Bank (ADB) appears to have turned the corner permanently – with its unaudited half-year results showing post-tax profit growing by some 80 percent. The bank’s turnaround follows an injection of GH¢127million by the Ghana Amalgamated Trust – a special purpose vehicle (SPV) that was established by the state in 2019 to support solvent and well-run indigenous banks – which were otherwise having difficulties in meeting the new minimum capital requirement [GH¢400million] deadline – in meeting their obligations.
Universal Merchant Bank (UMB) has appointed Nii Amankra Kwashie Tetteh as its Executive Director, Business. The new position will require him to lead the growth agenda for the business lines of the bank.
The Universal Merchant Bank (UMB) has appointed Nana Dwemoh Benneh as the bank’s new Chief Executive Officer, following the approval of the Central Bank. He takes over from Mr Benjamin Amenumey who has completed his tenure as UMB’s CEO.
Agricultural Development Bank (ADB) registered a profit after tax of GH¢65 million, approximately 341% year-on-year growth for last year. This was as a result of significant growth in its interest income, whilst keeping interest expense down.
Prudential Bank Limited has appointed Mrs. Muriel Susan Edusei as its new Board Chairperson. Her appointment took effect on April 29, 2020 following an earlier approval by the Bank of Ghana.
