Market Review August 2017 Pent Assets
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Clydestone Group Annual Report and Consolidated Financial Statements
CLYDESTONE GROUP ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER, 2016 Clydestone Group Consolidated financial statements for the year ended 31 December, 2016 Page Contents Reference Corporate information - Report of the Directors 2-3 Statement of Directors’ responsibilities 4 Report of the independent auditor 5 – 11 Financial statements: Consolidated statement of profit or loss and other comprehensive income 12 Consolidated statement of financial position 13 Consolidated statement of changes in equity 14 Consolidated statement of cash flow 15 - 16 Notes to the financial statements 17 - 43 Clydestone Group Financial statements for the year ended 31 December, 2016 Corporate information Directors Paul Jacquaye Robert Alloh Edward K.A. Amuh Tinawurah Satuh Company secretary Samuel Adjetey Registered office Adebeto Close North Labone P. O. Box CT 1003 Accra Independent auditor’s UHY Voscon Chartered Accountants No. C806/4, Boundary Road, Tudu, Accra Adjacent to City Paints Supply P. O. Box LA 476 La, Accra. Solicitors Alloh & Partners. P. O. Box NT 478 New Town, Accra Bankers Unibank Ghana Limited Fidelity Bank Limited UBA (Gh) Limited Firstrust Savings & Loans Limited Zenith Bank (Gh) Limited Registrars NTHC Limited Martco House P. O. Box KA 9563 Airport, Accra Ghana Report of the Group Directors to the Members of Clydestone Group The Group Directors have the pleasure in submitting to the shareholders their report together with the audited financial statements of Clydestone Group for the year ended 31 December, 2016. Nature of business The Group is engaged in Information and Communication Technology, specializing in payment systems-comprising Cheque Code Line Truncation, Transaction Processing and Switching Services to banks and independent service organisations system integration and outsourcing. -
Ecobank Group Annual Report 2018 Building
BUILDING AFRICA’S FINANCIAL FUTURE ECOBANK GROUP ANNUAL REPORT 2018 BUILDING AFRICA’S FINANCIAL FUTURE ECOBANK GROUP ANNUAL REPORT 2018 ECOBANK GROUP ANNUAL REPORT CONTENTS 05 Performance Highlights 08 Ecobank is the leading Pan-African Banking Institution 09 Business Segments 10 Our Pan-African Footprint 15 Board and Management Reports 16 Group Chairman’s Statement 22 Group Chief Executive’s Review 32 Consumer Bank 36 Commercial Bank 40 Corporate and Investment Bank 45 Corporate Governance 46 Board of Directors 48 Directors’ Biographies 53 Directors’ Report 56 Group Executive Committee 58 Corporate Governance Report 78 Sustainability Report 94 People Report 101 Risk Management 141 Business and Financial Review 163 Financial Statements 164 Statement of Directors’ Responsibilities 165 Auditors’ Report 173 Consolidated Financial Statements 178 Notes to Consolidated Financial Statements 298 Five-year Summary Financials 299 Parent Company’s Financial Statements 305 Corporate Information 3 ECOBANK GROUP ANNUAL REPORT 3 PERFORMANCE HIGHLIGHTS 5 ECOBANK GROUP ANNUAL REPORT PERFORMANCE HIGHLIGHTS For the year ended 31 December (in millions of US dollars, except per share and ratio data) 2018 2017 Selected income statement data Operating income (net revenue) 1,825 1,831 Operating expenses 1,123 1,132 Operating profit before impairment losses & taxation 702 700 Impairment losses on financial assets 264 411 Profit before tax 436 288 Profit for the year 329 229 Profit attributable to ETI shareholders 262 179 Profit attributable per share ($): Basic -
2017 Annual Report and Financial Statements
2017 ANNUAL REPORT AND FINANCIAL STATEMENTS 2017 ANNUAL REPORT AND FINANCIAL STATEMENTS SAS FORTUNE FUND LIMITED 3 SAS FORTUNE FUND LIMITED CORPORATE INFORMATION The Manager: SAS Investment Management Ltd. (SAS-IM) 14th Floor WTCA Building, Indep. Avenue, Accra Tel: +233-302-661770/2/008/880 +233-302-661900 Fax: +233-302-663999 E-mail: [email protected] Website: www.sasghana.com Directors of the Fund: Maxwell Logan (Chairman) Togbe Afede XIV Apiigy Afenu (Removed on 6th July 2017) Nana Soglo Alloh (Removed on 6th July 2017) Paul Hammond The Custodian: Standard Chartered Securities Services Head Office P. O. Box 768 Accra Independent Auditors: Nexia Debrah & Co. (Chartered Accountants) BCB Legacy House # 1 Nii Amugi Avenue East Adabraka, Accra P. O. Box CT 1552 Cantonments, Accra Solicitors: R. S. Agbenoto and Associates 4th Floor Total House 25 Liberia Road Secretary: Accra Nominees Cedar House No. 13 Samora Machel Road Asylum Down, Accra 4 CONTENTS Corporate Information 4 Chairman’s Report 8-9 Fund Manager’s Report 10-15 Report of the Directors 16-17 Report of the Auditors 18-21 Statement of Investment Assets 22-23 Statement of Comprehensive Income 24 Statement of Financial Position 25 Statement of Cash Flows 26 Portfolio Summary 28 SAS Notes to the Financial Statements 29-37 FORTUNE FUND REPORT Report of the Custodian 38-40 Information on Directors 41 AND FINANCIAL STATEMENTS 5 SAS FORTUNE FUND LIMITED NOTICE OF MEETING NOTICE is hereby given that the 13th Annual General Meeting of the Members of the SAS Fortune Fund will be held on Thursday July 26, 2018 at the British Council Hall, Liberia Road, Accra at 12.30 p.m. -
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Market Review [H1-2017]
Half-Year Market Review [H1-2017] July 2017 Economic Overview GDP Growth: Aided by increased crude oil production, the economy expanded by 6.6 percent on year-on-year basis in the first quarter of 2017 compared to 4.4 percent in the same period in 2016. The non-oil sector GDP growth stood at 3.9 percent relative to 6.3 percent recorded for the same period in 2016. Economic growth has been weak since 2014, with GDP staying around 4 percent, due to lower prices for Monetary Policy Easing: The Bank of Ghana reduced commodity exports and a fiscal crisis. The government its policy rate by 300 basis points during the first half has projected a GDP growth of 6.3 percent in 2017. of the year citing positive inflation outlook and a Fiscal Deficit: Central government operations for the relatively stable Ghana cedi. The benchmark interest first half of the year was largely in line with targets in rate was lowered 200 basis points in March to 23.50 the 2017 budget. Fiscal operations for the first half percent and further lowered by 100 basis points in May resulted in a cash deficit of 2.7 percent of GDP, against to 22.50 percent. a set target of 3.5 percent, mainly due to expenditure controls even as revenue fell below target. Total Fixed Income Market expenditure stood at 23.0 billion cedis against a target of 27.6 billion cedis whereas total revenue and grants Yields on GoG domestic securities trended downwards stood at 17.5 billion cedis against a target of 20.5 during the first half of the year, signaling a drive billion cedis. -
WEEKLY MARKET REVIEW 14 February 2020
DATABANK RESEARCH WEEKLY MARKET REVIEW 14 February 2020 ANALYST CERTIFICATE & REQUIRED DISCLOSURE BEGINS ON PAGE 4 GSE MARKET STATISTICS SUMMARY Current Previous % Change Weekly Market Review DSI-20 Index 98.39 98.17 0.23% The equity market indices posted a weekly gain. The GSE-CI Level 2,203.63 2,196.72 0.31% Market Cap (GH¢ m) 56,625.40 56,553.66 0.13% benchmark composite index closed 0.31% higher at YTD Return DSI-20 -2.50% -2.73% 2,203.63 points, reflecting an improved YTD return of - YTD Return GSE-CI -2.37% -2.68% 2.37%. The DSI-20 Index also expanded 0.23% w/w to Weekly Volume Traded (Shares) 4,621,673 2,481,186 86.27% 98.39 points, representing a YTD return of -2.50%. Weekly Turnover (GH¢) 3,130,797 2,078,982 50.59% Avg. Daily Volume Traded The indices were lifted by gains in SCB (+0.21% w/w, 2,044,789 2,260,261 -9.53% (Shares) GH¢19.04), MTNGH (+1.52% w/w, GH¢0.67) and SIC Avg. Daily Value Traded (GH¢) 1,633,928 1,827,729 -10.60% (+12.50% w/w, GH¢0.09). However, the gains in the No. of Counters Traded 22 20 indices were limited by declines in EGH (-1.14% w/w, No. of Gainers 3 1 GH¢7.80), GGBL (-4.14% w/w, GH¢1.62), EGL (-2.44% No. of Laggards 4 6 w/w, GH¢1.60) and FML (-0.24% w/w, GH¢4.09). -
Weekly Market Watch Sic-Fsl Investment+ Research| Market Reviews|Ghana
WEEKLY MARKET WATCH SIC-FSL INVESTMENT+ RESEARCH| MARKET REVIEWS|GHANA 20th October, 2016 STOCK MARKET ACCRA BOURSE SWINGS BACK Increased bearish sentiment saw major performance INDICATORS WEEK OPEN WEEK END CHANGE indicators on the Ghana Stock Exchange (GSE) swung back last week, following a drop in the shares of blue-chip stocks. Market Capitalization (GH¢'million) 52,780.97 52,542.24 -0.45% Key among these stocks include the shares of Standard Market Capitalization Chartered Bank Limited (SCB, Total Petroleum Ghana Limited (US$'million) 13,299.81 13,254.52 -0.34% (TOTAL), Guinness Ghana Breweries Limited (GGBL) and Volume traded (shares) 348,651.00 1,445,517.00 314.60% GCB Bank Limited (GCB). Value Traded (GH¢) 454,858.25 371,669.73 -18.29% In the end, the yield on the GSE-Composite Index, the GSE Value Traded (US$) 114,615.73 93,758.92 -18.20% Financial Stocks Index (GSE-FSI) and the SIC-FSL Top 15 Table 1: Market Summary liquid Index (T-15 Index) slipped from their previous week losses of 11.25%, 13.08% and 20.52% each to settle at INDEX ANALYSIS 11.98%, 13.79% and 22.18% respectively. INDICATORS Closing Week YTD Level Change CHANGE Total market capitalization of the GSE also dropped from the previous week’s figure of GH¢52.78 billion to GH¢52.54 GSE Composite Index 1,755.90 -0.83% -11.98% billion, whilst an equivalent dollar value also dipped from the previous week’s USD 13.30 billion to USD13.25 billion SIC-FSL Top 15 Index 2,887.49 -2.09% -22.18% last Thursday. -
THE DATABANK BALANCED FUND LIMITED 2010 Annual Report
AUDITED FULL YEAR REPORT 2010 THE DATABANK BALANCED FUND LIMITED 2010 Annual Report 1 THE DATABANK BALANCED FUND LIMITED 2ii AUDITED FULL YEAR REPORT 2010 THE DATABANK BALANCED FUND LIMITED Audited Full Year Report For The Period Ended December 31, 2010 1 THE DATABANK BALANCED FUND LIMITED 2 AUDITED FULL YEAR REPORT 2010 CONTENTS Notice of Annual General Meeting 04 Chairman’s Statement to Shareholders 05 Performance Summary 09 Portfolio at a Glance 10 Interview with your Fund Manager 11 Report of Directors 14 Report of the Auditors 15 Statement Of Net Assets 16 Statement of Assets and Liabilities 17 Income and Distribution Accounts 18 Statement of Movement In Net Assets and Issued Shares 19 Notes to Financial Statements 21 Custodian’s Report 26 Corporate Information 29 Directors and Officers Information 30 Proxy Form 34 This report shall not constitute an invitation to buy shares of the Fund. Subscriptions are to be made only on the basis of the current scheme particulars, accompanied by a copy of the latest available annual report, and if published thereafter, the most recent half year report. 3 THE DATABANK BALANCED FUND LIMITED NOTICE OF ANNUAL GENERAL MEETING Notice is hereby given that the 3rd Annual General Meeting of the shareholders of Databank Balanced Fund Limited will be held at the National Theatre, Accra, Ghana on Friday the 29th of July 2011 at 11:00a.m for the following purposes: 1. To consider the Directors’ Report and the Report of the Auditors for the year ended December 31, 2010. 2. To receive and adopt the Statement of Assets and Liabilities and Statement of Operations for the year ended December 31, 2010 3. -
Gcb Bank Limited Annual Report 2017 2
1 GCB BANK LIMITED ANNUAL REPORT 2017 2 VISION We aspire to be Ghana’s favorite Bank and one of the most recognised and preferred fi nancial service brands in Africa and beyond MISSION Our mission is to provide friendly, helpful and accessible banking services, combined with expert fi nancial solutions that help people and businesses realize their goals. GCB BANK LIMITED ANNUAL REPORT 2017 3 CONTENTS 4 Corporate Information 5 Notice of Annual General Meeting 7 Board of Directors 8 Profi les of the Board of Directors 12 Financial Highlights 13 Five Year Financial Summary 16 Chairman’s Statement 20 Managing Director’s Review 24 Report of the Directors 28 Corporate Governance 33 Independent Auditor’s Report 37 Statements of Comprehensive Income 39 Statements of Financial Position 40 Statements of Changes in Equity 43 Statements of Cash Flows 45 Notes to the Financial Statements 130 Appendix 1 - Value Added Statement 131 Appendix 2 - Shareholder Information 134 List of Branches 145 Invitation and Form of Proxy GCB BANK LIMITED ANNUAL REPORT 2017 CORPORATE INFORMATION 4 Corporate Information BOARD OF DIRECTORS Mr. Jude Kofi Arthur (Chairman) Mr Anselm Ransford Adzete Sowah (Managing) Mr. Socrates Afram Mr. Samuel Amankwah Appointed 25/10/17 Mrs. Lydia Gyamera Essah Mr. Nik Amarteifi o Appointed 07/06/17 Mr. Richard Oppong Appointed 07/06/17 Nana Ama Ayensua Saara III Appointed 07/06/17 Mr. Francis Arthur-Collins Appointed 25/10/17 Mr. Osmani Aludiba Ayuba Appointed 25/10/17 Mr. Ray Ankrah Appointed 25/10/17 Mr. Kofi Worlanyo Resigned 03/04/17 Mr. -
GCX) Signed an MOU to Support Ghanaian Farmers Through Access to Financing and Capacity Building
Accra – 2019. Standard Chartered Bank Ghana Limited and the Ghana Commodity Exchange (GCX) signed an MOU to support Ghanaian farmers through access to financing and capacity building. The signing ceremony took place at the premises of the Ghana Commodity Exchange (GCX) in Accra. In his address, the CEO of GCX Dr. Kadri Alfah expressed his excitement to have Standard Chartered Bank partner the GCX. “Standard Chartered Bank is one of the reputable Banks in Ghana with presence across other continents. It is therefore a joy to have you partner us to support Ghanaian farmers” Dr. Kadri said. In her remarks, the CEO of Standard Chartered Bank Ghana Limited, Mrs. Mansa Nettey acknowledged the unique role of Commodity Exchange initiative in providing the much-needed lifeline to farmers and the agricultural sector as a whole. She added “Standard Chartered Bank’s strong presence in the West African sub region positions the Bank as a strong partner to the Ghana Commodity Exchange as it plans to make incursions into other West African markets in the short to medium term”. As part of this MOU, Standard Chartered Bank Ghana has agreed to collaborate with GCX in the Warehouse Receipt Financing (WRF) Programme which would create access to financing for Ghanaian farmers. WRF will provide short-term loans to depositors of commodities using their warehouse receipts as sole collateral. The GCX electronic warehouse receipt is recognized by law as a financial instrument and is backed by performance guarantees. To assure performance, these warehouses from which these receipts are issued are all insured (structure and content), Certified by Food and Drugs Authority, Ghana Standards Authority and Securities and Exchanges Commission. -
Abdul-Nashiru Issahaku: Developing Ghana's Banking System
Abdul-Nashiru Issahaku: Developing Ghana’s banking system Speech by Dr Abdul-Nashiru Issahaku, Governor of the Bank of Ghana, at the inauguration of the Sunyani regional office building, Sunyani, 30 June 2016. * * * Nananom Board of Directors of Bank of Ghana Representatives of Banks in the Brong-Ahafo Region Representatives of Security Agencies in the Brong -Ahafo Region Heads of Departments Regional Managers My cherished members of staff Distinguished ladies and gentlemen Good morning I am delighted to welcome you all to the inauguration of our new Sunyani Regional Office building. Let me sincerely thank the Chiefs and people of Sunyani, in fact, the Brong Ahafo Region for making the land available to us. This is a clear indication of the support and collaboration between the Bank and the Chiefs. And let me also take this opportunity to thank the immediate past Governor of the Bank of Ghana Dr. Henry Kofi Wampah for spearheading this project and seeing to its completion. As we may all be aware, prior to the construction of this ultra-modern office complex, the Sunyani Regional Office had operated from the second floor of a building whose lower floors were occupied by GCB Bank. The regulator sharing office with the client is not ethically sound and exposes the Bank to familiarity threats. In addition, the former Office did not have a banknote processing capacity and depended on the Kumasi Regional Office for the processing of its deposits as well as fit-sorting banknotes for re-issuance to banks and other financial institutions in its catchment area. -
ABG Customer Digest 2017 Feb Edition 1
CUSTOMERS’ DIGEST VOLUME 4 NO. 1 | JANUARY - FEBRUARY 2017 ISSUE ‘W’ initiative marks 2nd Anniversary with national women’s summit Product Focus Key Speakers at the National Women's Summit In its maiden edition marking International Women’s Other speakers and panellists who took turns to speak at Day and coinciding with the 2nd year anniversary of the event were the CEO of Airtel Ghana and Access Access Bank’s award winning “W” initiative, the Bank’s ‘W’ Ambassador, Lucy Quist, Managing Director of National Women Summit has been applauded by FC Group of Companies and ‘W’ Ambassador Mrs. Grace Product Bundle leading women advocates for highlighting key issues Amey-Obeng, Pioneer of Spelling Bee in Ghana and ‘W’ • Mpower Salary Account that are affecting women development in Ghana. Ambassador Eugenia Techi-Menson and several others. • Goal Account • Premier Savings Account The summit, which was organised in partnership with All the speakers shared clear messages for women on • Automatic Salary Advance Charter House – an events management company, the importance of integrity, authenticity and attracted over 1,000 participants comprising professionalism as a vital tool for success. Access to a comprehensive traditional female leaders, students, corporate and range of loan products women entrepreneurs among others. The theme for Explaining the motive behind Access Bank’s support, the event was “Celebrating Ghanaian Women, 60 years the Head of Exclusive Banking at Access Bank, Matilda • Personal loan after Independence, the achievements and the future”. Asante-Asiedu noted that the Bank was passionate • Educational loan about helping women to succeed in various • Vehicle finance High profiled women personalities and speakers at the endeavours of their life especially as they constitute a • Home refurbishment loan event included Dr. -
The Determinants of Bank's Profitability in Ghana, The
The Determinants of Bank’s Profitability in Ghana, The Case of Merchant Bank Ghana Limited (MBG) and Ghana Commercial Bank (GCB) By Anthony Kofi Krakah & Aaron Ameyaw Henrik Sällberg (Supervisor) Master’s Thesis in Business Administration, MBA programme 2010 Table of Contents Table of Contents ............................................................................................................................................ i ABSTRACT ...................................................................................................................................................... v ACKNOWLEDGEMENT ........................................................................................................................................ vi CHAPTER ONE ............................................................................................................................................... 1 1.0 INTRODUCTION ...................................................................................................................................... 1 An overview of the banking industry in Ghana ..................................................................................................... 3 1.2 Background of the banks ......................................................................................................................... 6 Global Banking Industry .................................................................................................................. 12 Statement of the problem ..........................................................................................................................