Bond Savings takes turn at ‘Facts behind Figures’ session

The Bond team

Rev. Daniel Ogbarmey Tetteh has urged financial players and investors to see the writing on the wall when a financial house they deal with is reluctant to give information on its operations.

The Securities and Exchange Commission Ghana’s (SEC) Director General made the call at the ‘Fact Behind the Figures’ session which had Bond Savings and Loans in the hot seat.

He mentioned a Corporate Governance Code is being rolled out to show listed companies on the securities exchange to deal with.

Meanwhile Peter Osei Duah, Board Chairman of Bond Savings and Loans, pointed to the strong corporate governance structure at Bond accounting for its success and growth.

“At Bond Savings and Loans, all directors have signed to the institution’s code of conduct which specify what constitute to conflict of interest and bad contract,ensuring that anybody that flouts the code is sanctioned according to their rules”, he said.

The company’s interest margin grew from 6.10 percent in 2017 to 7.40 percent in2018 with Mr. Duah stressing since its emergence in 2008, there has never been any crisis adding the company emerged the CIMG 2018 Best Savings and Loans Company because of its stellar record.

The company’s total assets stand at GHc366.6 million according to Mr. George Ofosuhene, Chief Executive Officer at Bond. He added the liquidity ratio for the finance house was 11.05 percent while an addition of payroll loans to current products and advances grew by 15 percent.

Bond’s capital adequacy ratio grew slightly from 15.25 percent in 2017 to 15.53 percent in2018 with interest income for 2018 being GHc94, 585,967 compared to GHc82,144,650.