Executive Director of CAL Bank, Mr Phillip Owiredu, said the bank will continue to leverage on technology to improve on its operations and provide quality service to its customers.
He said Management had developed a new strategy, which builds on its earlier strategy of digital transformation to enhance its operational activities.
The new strategy seeks to build the organization into a platform through which customers can connect to enhance their businesses and access all the bank’s products and services at their convenience.
Speaking at the second 2019 ‘Facts behind the figures’ session, organised by the Ghana Stock Exchange in Accra, Mr Owiredu said the bank’s key focus areas for the new strategy includes retail banking, corporate banking, people, technology, and risk management and compliance.
Mr Owiredu said the bank’s Net interest, which contributed 80 percent, was primarily driven by a 24.3 per cent increase in Net loans and the Non-interest income declined from 23.2 percent of operating income to 20 per cent in the first quarter of 2019, due to decrease in fees and commissions.
He said operating income and profit before tax grew by 27.3 percent and 22.5 per cent year-on-year respectively, adding that, profitability went up by 23 percent, which compared to what was on the market and it was a reasonable growth for the bank.
He said in terms of their financial position, total assets went up by 14.2 percent and deposits by 3.3 percent, and that was quiet a low growth but obviously looking at the challenges in the industry, deposits for a local bank was a problem.
Mr Owiredu said deposits as at the end of April, had gone beyond the three billion mark, and currently at 3.3 billion and expressed the hope that the increase will continue till the end of the year.