CAL Bank makes Giant Strides in Customer Deposits, On the Net Profit

Frank B. Adu,
Frank B. Adu,

Cal Bank has made improvements in areas such as loans and advances, customer deposits, total assets and on the net profit. Mr. Frank B. Adu, the Chief Executive Officer (CEO) of the Bank has disclosed.

He said the bank is making giant strides in the banking industry and is well positioned among the 10 banks in Ghana, and that the bank has put in place a three-year strategic plan to further improve upon its performance. This according to him include increasing its presence in the country by establishing more branches and introducing new products.

Speaking at the ‘Facts Behind The Figures’ forum organised by Ghana Stock Exchange (GSE), Mr. Adu said his outfit would continue with investment in key sectors of the economy such as energy, oil and gas, transport and communication, manufacturing, mining and services.

Mr. Philip Owiredu, the Chief Financial Officer at CAL Bank on his part said there was an improvement in the balance sheet of the Bank in the first quarter of 2013 compared with the first quarter of 2012 where the total assets of the bank was valued at about Ghc 871,814.00 compared to more than Ghc 1bn in the first quarter of 2013.

He said the bank would continue to enhance expertise to provide appropriate services to increasing size of corporate clients and its corporate loan portfolio and syndicated transaction would also be grown by leveraging its increased balance sheets.

The Chief Financial Officer of CAL Bank also said there will also be product-driven retail deposit mobilization that will focus on increasing retail deposits to reduce cost of funds and deposits ratio and targeting the growing middle class clientele who have the appetite for asset-backed consumption.

He said service quality would be improved by enhancing information technology infrastructure and focus on process automation, enhanced management information systems and investments into modern communication systems.

Ghananewsonline.com.gh has established that ‘Facts Behind The Figures’ forum provides unfettered access and opportunity for the investing public, financial journalists, market operators and individual and institutional holders to get information on performance of banks and institutions listed on the Ghana Stock Exchange.

Source: Adovor Nutifafa

dovor100@gmail.com

 

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