Our Bank faced significant challenges in 2022 due to the Ghana Domestic Debt Exchange Program (GDDEP) which had negative implications for the banking industry. Nonetheless, we managed to record a profit after tax of GHS 5.84 million. A robust growth in net interest income which increased by 28% from 2021 drove this result.

We saw a significant increase in foreign exchange income and other trading income, thanks to synergies between our Treasury and Trade businesses. However, the total operating cost increased by 42% due to worsened economic conditions. The bank implemented cost-cutting measures to stall the impact of these developments.

Impairment loss on financial assets increased by 45% primarily due to impact of the GDDEP on government securities. Non-performing loan (NPL) ratio also increased from 9.43% to 13.3% in 2022. Despite this, the bank continued to create risk assets, with net loans and deposits growing by 19% and to an impressive GHS 2.038 billion, respectively. The bank’s total balance sheet size grew by 15% yearon-year.

Despite these challenges, the bank’s core regulatory indicators remained resilient, with capital adequacy and leverage ratios at 31.6% and 13.6% whilst navigating the financial landscape by mitigating risk.

We express our sincere gratitude to management for its support and guidance throughout the challenging year and look forward to its continued partnership in achieving future growth as we leverage our sturdy foundation, foster innovation, and optimize operations.