a Community to expand operations

THE La Community Bank, a community and rural bank in La is to open two new branches in order
to bring banking to the door steps of its customers.
The new branches will be sited at Teshie Nungua and Mamprobi respectively.
Speaking at the annual general meeting of the bank, the board chairman, Mr K.B. Asante said “this strategy will achieve increased net results”.
He said among its branch expansion drive the bank would also pursue policies to ensure a more active accounts, increase its loan portfolio and improve operating standards.
Giving the financial performance of the bank for the 2007 financial year,Mr Asante said the bank recorded a net profit of GH¢282,257 as compared to the figure of GH¢223,376 in 2006, representing a 26 per cent increase.
He said total income rose by 43.6 per cent from GH¢831,750 in 2006 to Gh¢1,194,685, at the end of last year.
Mr Asante stated that the bank saw its assets increased by 32.3 per cent from GH¢7,289,376 in 2006 to Gh¢9,643,356 for the year under review.
He explained that the growth was mainly accounted for by increase in loans and advances as well as investments in government securities and other instruments on the money market.
Total deposits increased by 43.01 per cent from Gh¢5.043 million in 2006 to Gh¢7,212 million last year
The bank paid 86,999 of its net profit as dividend to shareholders, representing a GH¢0.006 per share, an increase of 30 per cent over the previous year’s figure.
Mr Asante urged shareholders to increase their stated capital by buying more shares in the bank to enable it expand its branch expansion.