The bank its performance on growth in customer base and good credit also led to the turnaround of its fortunes adding that while industry-wide non-performing loans (NPLs) hovered around 25 per cent, the bank’s NPLs was around 11 per cent.

It said it was looking to continue this trajectory with more customers, enabling access to its financial services through the bank’s agency plus partners expansion and further making it rewarding for customers to bank with the bank.

Financial performance

The bank made a dramatic turnaround in its financial performance, posting positive results in the first quarter of the year.

From a loss position of GH¢7.8m in the first quarter of last year, the bank posted a profit of  GH¢14.3 m in the same period this year, representing a 100 per cent improvement.

Total Operating Income, which is the bank’s profit after deducting operating expenses for the period in review, also went up to GH¢94.9m. This is a significant increase of 49 per cent over the previous year.

There was an improvement in all income lines. For instance, Net Investment Income (NII) rose by 10.6 per cent, fees and commission, by 16 per cent and other operating income up by 100 per cent.

Deposits also went up to GH¢3.1 billion for the period, which is 30 per cent higher than the same period last year, while total assets also shot up to GH¢4.4b, representing a 26 per cent increase.