SSB Bank records increase in profits

Accra, March 1, GNA - SSB Bank's (SSB) profit after tax for 1999 went up by 34 per cent from 40,185 million cedis to 29,942 million cedis recorded in 1998.

The Bank's audited results for the year 1999 released through the Ghana Stock Exchange in Accra on Wednesday said operating profit before tax in 1999 was 60,050 million cedis, 25 per cent up on 48,215 million cedis recorded in the previous year.

It pegged the total operating income at 126,288 million cedis, 18 per cent higher than the 107,287 million cedis recorded in 1998. Net interest income was 97,108 million cedis, 13 per cent up on 85,995 million cedis for the previous year.

The statement attributed the 13 per cent increase to a higher volume of advances from 161.3 billion cedis at the end of 1998 to 274 billion cedis in 1999 and a 350 per cent increase in volume of off-balance sheet transactions.

It said income tax went up by nine per cent from 18,273 million cedis to 19,865 million cedis. Earnings per share increased by 38 per cent from 421 cedis to 581 cedis out of which the Board of Directors has recommended a dividend per share of 240 cedis.

SSB shares were quoted on the stock market at 1,985 cedis a share on Wednesday. It gained five cedis.