• About Us
  • Contact Us
Account
GTB
  • Home
  • News
  • Premium
  • Business
  • Personal Finance
  • Lifestyle
    • Travel
    • Health
    • Retail/Fashion
  • Podcast
    • Business Chat
    • Retiring Richly
    • Sika Nkommo
  • Videos
  • Analysis/Features
No Result
View All Result
  • Home
  • News
  • Premium
  • Business
  • Personal Finance
  • Lifestyle
    • Travel
    • Health
    • Retail/Fashion
  • Podcast
    • Business Chat
    • Retiring Richly
    • Sika Nkommo
  • Videos
  • Analysis/Features
No Result
View All Result
Account
Ghana Talks Business
No Result
View All Result

HFC board chair, MD bow out

25/04/2015
Reading Time: 2 mins read
0
SHARES
Share on FacebookShare on TwitterShare on WhatsApp

Muriel Susan Edusei and Asare Akuffo, Board Chair and Managing Director of HFC Bank respectively, have announced retirement from their positions effective from yesterday, April 23rd, 2015.

At the company’s annual general meeting in Accra, Mrs. Edusei — who has served on the board for three years — stated that “I have served the bank well for three consecutive years. Since 2010, I have not been in active employment so I want to finally go home and rest”.

Mr. Akuffo, who has been the MD for the past 10 years said: “While my retirement is effective from 30th June, 2015, I have decided to start my leave after the AGM”.

Their retirements come right before the bank’s imminent takeover by Trinidad and Tobago-based Republic Bank, but both executives denied the takeover is the reason behind their departures.

Executive Director Corporate Banking, Osei Asafo-Adjei — now the acting Managing Director, stated that his vision for the bank is to continue from where Mr. Akuffo left off.

“He has done a great job and we will build on that. We have a three-year strategy that has run only one year, and we will continue to roll-out the remaining two years.”

He added that the bank is expecting cooperation with its biggest shareholder, Republic Bank. “They are here as investors and we expect them to corporate with us to grow the bank. There is no wrangling anymore, and we are moving forward.”

HFC Bank and its subsidiaries posted profit after tax of GH¢57.5million in 2014, representing a 46 percent increment.

The profit after tax reflected a GH¢77.2million increment in operating income, with expenses up by 69 percent to GH¢113.7million. Impairment charge for credit losses increased by 31 percent to GH¢13.3million.

Net interest income ratio declined slightly from 67 to 66 percent due to tighter deposit spreads.  Cost-to-income ratio for the year increased to 57.1 percent from 53 percent in 2013, reflecting the high-cost environment in which businesses operate.

Total assets grew by 35 percent to close at GH¢1.34billion from the previous figure of GH¢999million.  Loans and advances to customers (including home loans) went up by 25 percent to reach GH¢642.8million. Gross NPL ratio deteriorated slightly from 9.3 percent to 10.4 percent in 2014.

During the year under review, corporate and SME loans increased by 19 percent to GH¢489.7million, and a new branch was opened in the Kumasi metropolis.

The bank’s home loan portfolio stood at GH¢173.6million at the year-end, representing 25 percent of the bank’s total loan book. Total disbursement for the year was GH¢26.48million from GH¢19.39million in 2013.

“Our performance was extremely good, just like in 2013; and we will continue to do that going forward,” the acting managing director, said.

Source: bft

Previous Post

Gov’t to set up Project Development Fund

Next Post

Opinion: Bright Simons’ take on Ghana, Cote d’Ivoire maritime ruling

Related Posts

Real Life Gambling Experience From Online Casinos

06/06/2023

Casinos Advertise Slot Machine Games Online

31/05/2023

Term Paper Writing Help – How to Pick Your Professional Term Paper Writer

31/05/2023

5 Top Ten Reasons Why Pupils Employ Term Paper Writing Services

31/05/2023

Research Papers For Sale

31/05/2023

Things You Must be aware of about online casinos prior to You Play

31/05/2023
Next Post

Opinion: Bright Simons' take on Ghana, Cote d'Ivoire maritime ruling

Ruling on boundary dispute favours Ghana in many ways – Tsatsu Tsikata

  • About Us
  • Disclaimer
  • Privacy Policy
  • Advertising
  • Contact Us

© 2021 Ghana Talks Business

No Result
View All Result
  • Home
  • News
  • Premium
  • Business
  • Personal Finance
  • Lifestyle
    • Travel
    • Health
    • Retail/Fashion
  • Podcast
    • Business Chat
    • Retiring Richly
    • Sika Nkommo
  • Videos
  • Analysis/Features
  • Login

© 2021 Ghana Talks Business

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In