Financial Results - 2007

The Bank reported a profit before tax of GH¢621.2 thousand cedis in 2007 representing an increase of 127.8% over the 2006 year end profit of GH¢272.7 thousand cedis.

Total Interest Income of GH¢5,596.9 thousand grew by 37.8% over the previous year's figure of GH¢4,061.3. This was largely derived from Interest on Short Term Investments (Repos and placements) which accounted for over 40% on interest income.

Non-funded income continued to grow in 2007 as a result of increased branch activities, rising volumes in local money transfers and commission on MICR cheques. Income earned was GH¢1,607 thousand cedis, up from the previous year figure of GH¢1,065 thousand cedis, an increase of 50.9%.

The Bank's Total Income of GH¢8,008.1 thousand cedis as a percentage of Total Cost of GH¢7,386.8 thousand cedis for 2007 was 92.2% a slight decrease of 3.4% compared with the previous year's. The relatively high cost to income ratio was mainly due to the bank's low income base.

Total Assets, however, grew marginally by 9%, up from GH¢47,384.3 thousand cedis in 2006 to GH¢51,464 thousand cedis in 2007.

At the end of December 2007, Total Equity was GH¢5,318.7 thousand compared to the December 2006 position of GH¢4,676.6 thousand.

OUTLOOK FOR 2008

The Bank has entered into partnership with Western Union Money Transfer for inward foreign remittances and it is hoped that the Apex Bank through the Rural and Community Banks network (spread across the whole country) will help bolster the commission income of the bank in 2008.

The Apex Bank Ltd will also establish a credit line with the Rural & Community Banks to acquire pick-up vehicles to be converted into bullion vans for specie services. This is in line with management's decision to reduce operational cost of specie delivery as a result of the redenomination exercise carried out by Bank of Ghana in 2007.

Financial Reports