TTB targets GHc70b in five years

The Trust Bank Ghana limited (TTB) is to raise GHc70 billion, as additional equity in the next five years to increase its capital base.

This will strongly position the bank as a viable institution to partner a reputable overseas firm.

“TTB will be well capitalised, which will position it to partner with a reputable overseas company to promote and explore opportunities in the global financial a market,” said the former Managing Director of the Bank, Mr. Isaac Owusu-Hemeng, in an interview with B&FT at a reception in Accra to officially bid him farewell as the managing director of the bank.

His retirement brings to an end the era during in which TTB firmly established itself as one of the best banks in the country, a position consolidated by its being voted Bank of the Year for 2007 by Corporate Initiative Ghana (CIG) and also Ghana’s Best Bank in 2008 by the London-Based Emeafinanace magazine.

Mr. Owusu-Hemeng became CEO of TTB in 2005, prior to which he had been Executive Director, Corporate Strategy and Planning; and before that General Manager Corporate Services - a position he held until the end of 2003, having joined the bank in 1996.

Under his leadership as CEO, the bank‘s image was transformed into an exciting, financial service brand whose key attributes are anchored around performance and passion, and now stands very tall among other corporate financial institutions in the market.

TTB currently remains the most prestigious company, third-best financial institution and second-best bank in Ghana, according to the 2008 Ghana Club 100 rankings.

Its excellent financial performance for the past five years registered a substantial growth in income and has also considerably grown its balance sheet.

Total income has grown by 186.32 percent from GHc15.42 million in 2005 to GHc44.15 million in 2009, with net profit after tax for the same period increasing by 145.09 percent to GHc11.1 in 2009.

On the balance sheet, the bank grew its shareholders’ fund by 296.28 percent to GHc40.09 million in 2009 from GHc10.9 million in 2005, while total assets went up by GHc216.93 million to GHc311.34 million in 2009 within the same period.

The Deputy Managing Director of the Bank, Mr. Lawrence Yirenkyi-Boafo, has taken over as acting Managing Director. His appointment took effect from 1st of April. Mr. Yirenkyi-Boafo joined the bank in February 1993 and has played a pivotal role in the bank’s operations.

TTB currently remains the 8th-most prestigious company, and currently the Ghana Club 100 ranking has TTB as the third-best financial institution and second-best bank in Ghana.