Business News of 2014-04-01

Societe Generale nets 36 million cedis profit

Societe Generale Ghana Limited on Monday said it made a net profit of GH36.36 million for the 12 months, from January to December 2013, helped by net banking income, which rose by 31.27 per cent.

The year also saw a 23.27 per cent growth in Current Operating Expenses and Shareholders Funds increased from GH169, 814,305 to GH193, 701,316 representing an increase of 14.07 per cent.

Mr Kofi Ampem, Chairman of the Board of Directors, who announced this at the 34th Annual General Meeting in Accra, said the bank also declared a dividend of six Ghana Pesewas per share payable on May 15, 2014.

The meeting was to account to the shareholders of the bank, and discuss performance of the Bank and how to improve its services in the coming years.

Mr Ampem stated that 2013 was a year for the bank, as they celebrated their 10 years in Ghana, rebranded their name, opened new branches in Kasoa and Osu.

Additionally, the bank implemented the Optimization of Activities and Selected Investment Sales Project in the Western Sector of Ghana.

A brand new ultramodern Head Office was completed to accommodate all the Head Office Departments from four different locations into one building, he added.

He said Societe-Generale Ghana with its new international branding, would continue to maintain growth through quality products and services, adding that 2014 would be a year of quality.

He, therefore, announced that the bank would continue with the automation of its operations, and continually invest in IT software to enhance its banking operations.

Mr Gilbert Hie, Managing Director of the bank, said it would continue with its strategy, as well as carry out new actions; and build new projects in the framework of Societe Generale Ghana's goals and objectives.

He noted that goals that were not met in 2013 would be pursued in 2014, and that management would continually improve its efforts to build team spirit together.

The shareholders confirmed the appointment of newly elected Directors, including Mr Kofi Asamoah, Secretary-General of the Trades Union Congress, and Mr Christian Celin, the Regional Manager for subsidiaries in African countries at the International Banking and Financial Services Division of Societe Generale.

They also re-confirmed the appointment of Mr Ampem, as the Chairman of the Board of Directors.