The chairperson of the La Community Bank, Mr Seth Nii Sodjah Quao, has announced that the bank made a profit of GHS1.29 million profit for the 2023 financial year.
Speaking at the 36th Annual General Meeting(GM) of the bank in Accra last Thursday, he said the GHS1.29 million profit was an improvement on the GHS1.2 million recorded by the bank in 2022.
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The chairperson added that despite the challenges presented by the unstable macroeconomic environment, including the Domestic Debt Exchange Programme (DDEP) and high inflation, the bank recorded a fair success in operating income.
“Ladies and gentlemen, despite the hard economic conditions and continuous biting effects of the Domestic Debt Exchange(DDE) programme, the bank’s total operating income increased by 28 per cent from GHS 9.2 million in 2022 to GHS 11.9 million in 2023.
High inflation within the year resulted in general hikes, resulting in a 24 per cent increase in operating expenditure from GHS 7.9 million in 2022 to GHS 9.7 million in 2023,“ he said.
This, he attributed, to the many innovative strategies approved by the board and implemented by the management to improve the performance of the bank.
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