CAL Bank upbeat about financial results despite challenges

12 May 2017
409 times
CAL Bank says it is implementing strategies that will help turn around its dwindling fortunes as the bank experienced a dip in profits for the first quarter of this year.
This is after another significant fall in earnings for last year.
 
CAL Bank’s profits before tax dropped from GHS221 million to GHS17 million in 2016 whiles earnings in the first quarter also stood GHS46 million.
 
Executive Director of the Bank, Philip Owiredu, said the bank is looking at fast tracking collections of some of their debts and cost-cutting measures that would quickly improve their situation, before the close of this year.
 
Meanwhile, CAL bank is partnering International Financial Corporation to explore Agency Banking to help improve deposits.
 
CAL Bank and Minimum Capital Requirement
The bank has also maintained that it will not struggle in meeting the proposed increase in minimum capital requirement for banks.
 
The Bank of Ghana (BoG) is currently working to increase the minimum capital required for banks to operate in the country.
 
Sources say the regulator is likely to settle on GHS250 million as the new requirement.
 
There are fears local financial firms like CAL bank may struggle to meet the capital because the current challenges it is going through.
 
But the Executive Director of the bank, Philip Owiredu explains that the bank has the necessary shareholders and investors to fall on to meet the capital requirement.
 
Source: Myjoyonline.com
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