SG-SSB to sustain growth through innovation

Story: Boahene Asamoah

THE Board Chairman of SG-SSB, Mr Philippe Vigue, has said that the bank will continue to look for innovative ways of maintaining profits and ensure growth in the bank’s operations.
“We will continue to seek ways to strengthen and develop our operations and I am confident about the future”, Mr Vigue stated.
The Board chairman made this known when he addressed shareholders at the annual general meeting in Accra.
He explained that his confidence about the future was because the economy remained sound and the environment, positive due to the pursuance of prudent and appropriate macro economic policies of the government.
Giving the financial performance of the bank for the past year, Mr Vigue stated that the bank recorded a net profit of GH¢11.6 million as against the previous year’s figure of GH¢9.9 million recorded in 2006.
He said “net banking income increased by 12 per cent and current operating expenses grew by 18 per cent”.
The Board chairman noted that shareholders funds also increased from GH¢57.4 million to GH¢58.4 million representing an increase of 2 per cent.
The board recommended a dividend pay out of GH¢0.03. Having already paid an interim dividend of GH¢0.03, brings the total dividend to GH¢0.06 per share.
In his address, the Managing Director of the Bank, Mr Allain Bellissard, said during the year under review the bank witnessed an efficient growth in its treasury, positive evolution in business banking and strong growth in its retail banking, among others.
He said the bank also saw an increased financial support to the Small and Medium Scale Enterprises (SMEs) market segment and assured the shareholders that the financial support to that sector would be built upon.
“The segment is considered a major strategic business portfolio and therefore, in 2008 your bank will increase lending to the sector to combine with aggressive marketing, improved customer care and contact as well as monitoring to sustain portfolio quality”, Mr Bellissard stated.
Again, he said credit to business customers increased by 44.7 per cent over the previous year’s figure, which was fuelled by exposures to multinational and large local corporate businesses, particularly in the Information and Communication Technology (ICT), real estate and other productive sectors of the economy.
“Your bank’s commitment to the development of Ghana’s economy was underscored by the active role it played towards the success of Societe Generale and its partner lenders, regarding the $900 million sydincation for the 2007/2008 cocoa season”, the Management Director stated.