Prudential Bank, a wholly-owned Ghanaian bank, has posted a set of impressive financial results for the year 2021. The Bank reported a significant profit growth before and after tax of 126 and 160 percent, respectively, over its 2020 performance. This remarkable performance was achieved on the back of the bank’s ongoing transformation agenda which commenced in January 2020.
The bank’s operating income increased by 18 percent over the prior year spurred by significant growth in interest income. Operating expenses were well controlled, growing by about 6 percent to GH¢246million in 2021, compared to a 12 percent growth for 2020.
In other indices, total assets grew by 11 percent from GH¢3.97billion at the end of 2020 to GH¢4.38billion at the end of 2021, driven by a 16 percent growth in customer deposits to GH¢2.86billion at the end of December 2021.
Commenting on the impressive performance, the Managing Director, Mr. John K. Addo, attributed the improved performance to the changes that have taken place since the roll-out of the transformation agenda.
Key among the changes are the creation and strengthening of business segments to drive business growth, and the establishment of a digital transformation department to advance the digitalisation of products, services and internal processes. He noted that transaction volumes on digital products more than doubled year on year with consequent increases in related transactional incomes.
Mr. Addo further noted that: “the impressive performance was all on the back of hard work and dedication from staff, and unflinching support from our cherished loyal customers despite the challenging covid environment”.
The positivity emanating from the transformational changes contributed to the bank being awarded a five-star rating for Outstanding Service Quality in the Chartered Institute of Marketing Ghana (CIMG) Customer Satisfaction Index (Banking) survey report. The bank also enviably emerged as Best Bank in Customer Satisfaction and Best Bank for Net Promoter Score, indicating strong customer loyalty.
Other laurels include recognition as Best Transaction Bank 2021 by Zeepay – a Fintech company – in acknowledgement of the provision of excellent digital transaction services, and Oil and Gas Financial Service Provider for the year 2021 (Ghana Oil & Gas Awards), in recognition of the bank’s commitment to supporting local businesses in the oil and gas sector.
Mr. Addo concluded that the bank had shown sustained resilience in the past two years and is well-positioned to deliver on its future growth and development aspirations despite the stressed business climate arising from the adverse economic conditions of the global pandemic. He assured that the bank will continuously work to improve service delivery, and leverage technology to provide innovative and flexible financial products to suit the everyday banking needs of its customers.