It said though headwinds persist, the medium term outlook remains positive.

In a statement the Bank said the positive trend of its financial performance over the last year was mainly driven by focus on its strategy of recovering impaired assets. Commenting on the first quarter results for 2017, the Bank said operating income increased by eighty per cent to GHc162 million compared to GHc 152 million in March 2016.

Operating expenses, however, increased by 16 per cent to GHc 55 million compared to prior year of GHc 47 million largely on the back of inflation driven increase in cost.Net impairment recovery on assets was GHc 12million against a prior year charge of GHc 2million.

The cumulative effect of the above drivers resulted in profit before tax of GHc 119 million, up 18 per cent from GHc 101 millionThe statement said the Bank’s balance sheet remained strong, liquid and well capitalised.The Chief Financial Officer, Kweku Nimfah-Essuman, said: “The Bank will continue to take initiatives that will deliver results and returns in line with investor and shareholder expectations.”

On her part, the Chief Executive Officer, Mansa Nettey said: “Our performance will continue to trend positively as improving market conditions are sustained. Our focus in 2017 remains one of preserving the right financial framework and creating shareholder value”.