Intercontinental Bank is set to add five
more branches to its existing 25 branches before the end of the year.
The move is expected to serve the increasing demand for its products and services by customers.
Mr Albert Mmegwa, Managing Director and Chief Executive Officer of the bank, who disclosed this to Times Business in Accra yesterday, said the branches would be located in Accra and Tema.
“Following impressive results posted during the last financial year, Intercontinental Bank is gearing up for yet another good showing this year,” he said.
The bank, he said, since it commenced operation in the country, had persistently recorded positive earnings in the period.
The bank’s profit before tax, he said, increased between 2007 and 2008 due to the high increases in the revenue generating streams of the bank.
“For instance, interest income increased by 289 per cent between 2007 and 2008 and 46 per cent between end of 2008 and August 31, 2009.
This is largely due to the increases in loans and advances granted to customers,” he said.
Mr. Mmegwa said “an overview of the statement of financial position of the Bank indicates a growing trend of total assets from GH¢99.88m in 2007 to GH¢380 million as of September 30, 2009.”
The trend he said was significantly driven by loans and advances which constitute about 50 per cent to 60 per cent of the total assets of the bank.
“Excellent customer service, value added products, sound financial advice and convenience in banking are just but a few conscious steps the bank has taken to position itself as the preferred banking partner in Ghana today,” he said.
The CEO said in spite of the economic meltdown that affected countries globally and also Ghana in particular, the bank was able to post some good results, catapulting it to enviable position within the financial services sector within the first half of the 2009 financial year.
The bank, he said, had developed scores of products for its customers citing Agape Account, Happy Ride, I-Lease, I-Class, Prestige Account for Undergraduates, Intercontinental Premium Savings Account (IPSA), Happy School and the Happy Savers Account as some of its innovative products.
A new addition to these great products is the Hujjaj Account.
This is a products designed to meet the needs of the Islamic society to help save towards Hajj.
more branches to its existing 25 branches before the end of the year.
The move is expected to serve the increasing demand for its products and services by customers.
Mr Albert Mmegwa, Managing Director and Chief Executive Officer of the bank, who disclosed this to Times Business in Accra yesterday, said the branches would be located in Accra and Tema.
“Following impressive results posted during the last financial year, Intercontinental Bank is gearing up for yet another good showing this year,” he said.
The bank, he said, since it commenced operation in the country, had persistently recorded positive earnings in the period.
The bank’s profit before tax, he said, increased between 2007 and 2008 due to the high increases in the revenue generating streams of the bank.
“For instance, interest income increased by 289 per cent between 2007 and 2008 and 46 per cent between end of 2008 and August 31, 2009.
This is largely due to the increases in loans and advances granted to customers,” he said.
Mr. Mmegwa said “an overview of the statement of financial position of the Bank indicates a growing trend of total assets from GH¢99.88m in 2007 to GH¢380 million as of September 30, 2009.”
The trend he said was significantly driven by loans and advances which constitute about 50 per cent to 60 per cent of the total assets of the bank.
“Excellent customer service, value added products, sound financial advice and convenience in banking are just but a few conscious steps the bank has taken to position itself as the preferred banking partner in Ghana today,” he said.
The CEO said in spite of the economic meltdown that affected countries globally and also Ghana in particular, the bank was able to post some good results, catapulting it to enviable position within the financial services sector within the first half of the 2009 financial year.
The bank, he said, had developed scores of products for its customers citing Agape Account, Happy Ride, I-Lease, I-Class, Prestige Account for Undergraduates, Intercontinental Premium Savings Account (IPSA), Happy School and the Happy Savers Account as some of its innovative products.
A new addition to these great products is the Hujjaj Account.
This is a products designed to meet the needs of the Islamic society to help save towards Hajj.
