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Good corporate governance key to our success – Bond Savings and Loans

Mr. George Ofosuhene

Mr. George Ofosuhene

The management of Bond Savings and Loans says the company’s achievements and growth is as a result of effective corporate governance structure.

“At Bond Savings and Loans, all directors have signed to the institution’s code of conduct which specify what constitute to conflict of interest and bad contract, ensuring that anybody that flouts the code is sanctioned according to their rules,” Mr Peter Osei Duah, the Board Chairman said.

Speaking at the company’s turn at the ‘Facts Behind the Figures’ in Accra he said the challenges in the banking sector including closure of some banks were due to lack of proper corporate governance.

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He said corporate governance at Bond Savings and Loans was excellent, which has resulted in growth in performance adding that the company’s interest margin grew from 6.10 per cent in 2017 to 7.40 per cent in 2018.

Mr Duah said in any institution, it was the board and management that make the difference, because they make decisions for the growth and collapse of the company.

“Since the establishment of the institution in 2008, there has never been any crisis because of its strict adherence to the tenets of banking rules,” he said.

The Chief Executive Officer (CEO) of Bond Savings and Loans, George Ofosuhene said the company would continue the Medium Term Note Programme to raise more capital to finance the operations of the company.

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Touching on the financial performance of the company in the year under review, the CEO said the company made a profit before tax GHȻ6.3 million, which is an increase of 15 per cent of the previous year’s profit before tax.

Total assets of the company, he said stood at GHȻ366.6 million from GHȻ373.4 million in 2017 and advances of the company grew by 15 per cent and revenue from advances also soared by 33 per cent.

Mr Ofosuhene said the company capital adequacy ratio stood at 15.53 per cent well above the regulatory requirement of 10 per cent.

“Bond Savings and Loans is well capitalised as has been and in a good position to meet its maturing obligations,” he said.

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The Director General of the Securities and Exchange Commission, Revered Ogbarmey Tetteh in his remarks said his outfit had developed corporate government code for all listed companies.

He urged companies in the country to use the Accra bourse to raise long term capital to finance their companies and lauded Bond Savings and Loans for providing information about the operations of the company.

The Managing Director of GSE, Kofi Yamoah commended the company for bringing the top management of the company to the exchange to present the financial performance of the company.

By Kingsley Asare

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