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CAL Bank records GH¢145m profit in 2017

March 23, 2018 5:35 AM
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CAL Bank records GH¢145m profit in 2017

CAL bank has posted a profit after tax of 145.2 million cedis for 2017.

This is a significant improvement over the previous year’s figure of 7.2 million cedis.

Despite this, the bank still acknowledges the impact of the legacy debts in the energy sector on its loan books.

In the first of Citi Business News’ series of report on the performances of the listed banks, we throw the spotlight on CAL bank and reasons accounting for its performance.

In 2017, CAL bank’s income comprising revenue from loans disbursed, charges and commissions on ATM cards as well as cheques and other services, amounted to 446.3 million cedis, up from the 357 million cedis recorded in 2016.

The bank’s allocation to items such as personnel expenses, depreciation as well as loan recovery costs, went down within the one year period.

The figure declined by about 137 million cedis; from 345 to 238 million cedis.

Similarly, CAL bank’s assets comprising investments, cash as well as property, plants and equipment, reached 4.21 billion cedis in 2017 from 3.6 billion cedis the previous year.

This, the bank attributed largely to the rise in borrowing by customers.

Meanwhile between 2016 and 2017, CAL bank’s Non Performing Loans (NPLs) went up from 8 to 10.9 percent.

The Board however did not approve for the payment of dividends to shareholders of the bank.

Source: citifmonline.com

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