Board Chair for the bank Mr Benjamin Gogo  in his statement said due to challenging economic and business environment, their operating performance  fell below that of 2016. “Net profit before tax fell by about 68 per cent from a restated figure of GHC2.06 million in 2016 to HC657,698 in 2017 attributable to high Operating Expenses, which increased by 40 per cent from GHC1.97 million in 2016 to GHC 2.76 million in 2017. Personnel expenses also increased by 26.6 per cent from GH3.11 million in 2016 to GH3.94 million in 2017” he explained.

Net interest on the hand he said had grown by 6.4 per cent from GHC6.74 million in 2016 to GHC7.17 million in 2017 2017 due to the consistent decline in the Money Market Interest Rates compared with the relatively high cost of funds in the year under review.

The Bank's total assets, deposits loans and advances also increased according he added.

Speaking to the media, Mr Gogo pointed out that the banks reduction in profit from the previous year was due to a new way of accounting. He said the bank is now using  new international reporting standards that has resulted in incurring loses. He however stated that going forward the bank will have a new information technology (IT) system that will enable them make bigger profits.

Commenting on the new policy rate, Mr Gogo said that “the rates are coming down but that is something the banks have to live with. Bankers use the margine between the cost of funds and the interest rates they get when they give loans. As the rates come down, the good banker has to ensure that the margine doesn't reduce. If the margin is maintained one must not worry about the rates going up or down"

Deputy Managing Director for  ARB Apex Bank Limited, Mr Alex Kwesi Awuah also said measures have been put in place to ensure that banks comply with the minimum capital requirement rate and also encourage investors to come into the country. He said that new forms of technology have been such employed which all the banks are hooked onto.

The Board Chair concluded his remarks by saying that the bank as part of its Corporate Social Responsibility has assisted 163 students out of which 45 are continuing in various secondary and tertiary institutions across the country. An additional GHC50,000 he said has been allocated to the La Education Fund to support continuing students.

 The meeting was attended by the Board Chair Mr Benjamin Gogo, the Managing Director Mr Peter Tehova, as well as other board members such as Dr Nii Kwaku Sowa, Mr Nicholas Okoe Sai, Mrs Matilda Pappoe and shareholders of the LCB. Aso present were the Deputy Managing Director of ARB Apex Bank Mr Alex Awuah, Chairman of Ada Rural Bank David Sabbah as well as the CEO Mr Mr. Theophilus Ofori MacCarthy.

Shareholders were given the oppourtunity to dicuss their views on the year gone by. Some expressed worry over how their shares were not providing enough dividends for them, it was however explained that dividends were given based on the number of shares they purchased.

Shareholders who complained of late notices were also encouraged to make available phone numbers or emails to make communication easier.