Amalgamated Bank Ltd has set itself the target of becoming the dominant and preferred retail bank in the country, through providing technology-driven solutions to its customers and resorting to aggressive business prospecting and strong customer service ethos.

The bank also projects a strong push for market leadership in product development.

A statement on the financial performance for 2008 released by the bank showed strong growths over 2007 figures, and apart from improving the quality of its risk asset portfolio in 2008, it also grew its total assets by 100 percent – from GH¢ 150.5 million in 2007 to GH¢ 301 million.

Other growth pointers included;

  • 107% growth in customer deposits – from GH¢125.7 million in 2007 to GH¢ 260.15 million in 2008
  • Gross loans and advances to customers grew by 66.8% to GH¢121.37 million in 2008
  • A 58.4% increase in shareholders’ funds grew from GH¢14.82 million to GH¢23.48 million in 2008
  • Profit before tax grew by 330% – from GH¢2.151 million in 2007 to GH¢9.253 million in 2008
  • Profit after tax reached GH¢ 6.847 million, up from the 2007 outturn of GH¢1.587 million.
  • Total provision on impaired risk assets including those specifically written-off reduced from 2.12% of gross loans and advances (GH¢1.54 million) in 2007 to 1.14% (GH¢1.39 million) in 2008.

Non-Financial pursuits
The bank which operates on the brand promise of SERVICESpeed, Expertise, Responsibility, Value, Innovation, Convenience and Excellence, said it also launched three novel initiatives that thrilled its customers:

  1. Junior Internship
    Children between the ages of 10 and 15 were enrolled during vacations, with parental consent, to be trained for a minimum of five days.

  2. Customer Cocktails
    We gave our customers the opportunity to interact with senior management in a very informal and relaxed manner.

    A series of these cocktails were held in Tamale, Takoradi, Kumasi and Accra to cater for our customers spread around those cities.

  3. Customer Appreciation Day
    We set a day in the year when senior managers went round Business Offices, met with our customers and extended to them the Bank’s great appreciation for their custom.

  4. Management Service Day
    Often we instituted a Management Service Day programme which sends managers down to our banking halls to interact with our customers and others who walk into the halls.

What we do for Our Customers

  • We’ve helped hundreds of small businesses understand the financing needs of their businesses and, with them, come out with unique solutions that have transformed them eg. NSN Metals, Direct Consult, Christ in You Bakery etc
  • We’ve helped businesses identify investment opportunities, financed their projects, and helped them manage both small as well as large and complex projects to success eg Forest Hotel at Dodowa, Bani Hostels etc
  • With our network of partner banks around the world, we’re helping businesses exploit opportunities overseas eg: Autoparts, Universal Motors, De Simone, Atlantic Computers etc
  • We provide expert services in fund management, forex transactions (eg to GAPOHA, Minerals Commission etc), investment advice and portfolio management (Cocoa Marketing Company’s Staff PF), Electricity Company of Ghana etc
  • And as a technology driven bank- we’re taking full advantage of technology to serve our customers better
  • We offer money transfers- both internal and external- to both our customers and non-customers
  • In all these we have one of the quickest turn around (processing) times in the industry; and are working to do even better
  • We are expanding- building business offices in various locations to provide convenience and comfort to our customers.

Amalbank currently has 12 business offices but plans ending the year with 20 offices.

The bank recently appointed Mr. Menson Cheyney Darlington Torkornoo, a Chartered Accountant and Banker as Acting MD/CEO. He has been with the bank for the past three years and has 13 years banking experience as Head of International Banking in Nigeria and Ghana.

Story by Isaac Yeboah/