GIB posts £14.9M profit

The bank also improved its efficiency ratios, continuing the downward trend in cost to income ratio from 37 per cent in the previous year to 33 per cent in 2012 which is the lowest in the UK market.

Dr Wampah stated that “following the injection of additional capital of £50m the bank has experienced an impressive growth and we can only look forward to better years ahead. We are in full swing with the implementation of our strategy that will ensure we outperform our targets going forward”.

He commended the management and staff of the bank for dedication and hard work to achieve such results and noted that the bank continues to maintain an enviable position within the top tier of banks in its peer group in the competitive London market.

He referred to a recent survey of 156 banks in London where Ghana International Bank ranked first for cost to income ratio, second behind Barclays PLC on Net Interest Margin, first in profitability per employee and fifth in terms of Return on Equity.

"With strong performance across all business lines, the bank closed out 2012 with record results on both the top and bottom line," said Mr Joe Mensah, Managing Director and CEO of Ghana International Bank Plc.

"Last year, we announced a further deepening of our footprints across Africa through syndicated facilities and correspondent banking. I am pleased to announce we have made significant gains in this area and our asset diversification strategy is on course”, Mr Mensah stated.

 He said   “ successes chalked with our electronic banking and MasterCard debit card enabled us provide quality services to our customers, who responded by increasing their business with us, leading to this improved performance”.

 The Managing Director added that this year, the bank would roll out its enhanced electronic banking product for easier access to customer information and transaction banking.