Despite the tough operating environment, we ended the year 2016 with total revenue of GHS1.2billion; an 18% growth from 2015’s performance. This performance was driven strongly by gains from de-recognition of financial assets relating to the oil sector.
Net Interest Income increased by 5% from GHS 682 million to GHS 719 million, while Net Fees and Commission declined by 15% from GHS 185 million to GHS 157 million due to lower transaction volumes associated with the operating environment.
Proft before tax amounted to GHC 462.7 million and was driven downwards by increased loan book impairments. Impairment charges were up 54% from GHS116 million to GHS 179 million.
Operating cost of GHS566 million was 26% over the previous year. Our cost to income ratio was however still impressive at 46.94%.
The ratio compares favourably to the industry average and is a testament to the improvements in our return on assets and successful outcomes of our cost cutting initiatives.