La Community Bank recorded a 29 percent surge in total revenue for 2024, climbing to GH₵17.07 million from GH₵13.24 million the prior year, according to its annual financial statement.
Profit after tax expanded by 127 percent to GH₵2.9 million, while equity grew 51 percent to GH₵8.1 million, driven primarily by annual earnings.
Board Chair Seth Nii Sodjah Quao attributed the growth to robust investment income and loan interest during the bank’s 37th Annual General Meeting. Fees and commissions rose nine percent to GH₵1.6 million, reinforcing the success of the institution’s turnaround strategy. Quao emphasized ongoing commitments to long-term resilience and customer-focused development despite economic pressures.
Total deposits and assets increased by 21 percent and 30 percent respectively, even amid challenges including GH₵17 million in locked-up funds from Ghana’s 2018 financial sector cleanup and GH₵35 million in impairments from the Domestic Debt Exchange Programme. The board proposed a dividend of GH₵759,777 (GH₵0.04 per share), pending Bank of Ghana approval.
Shareholder Samuel Dadzie commended the bank’s asset growth exceeding GH₵110 million but raised concerns over loan concentration, noting 20 clients constitute 43 percent of the portfolio. Quao acknowledged regulatory scrutiny of this risk and confirmed management’s restructuring efforts.
In corporate social initiatives, the bank allocated GH₵100,000 each to the La Town Development Fund and La Education Fund. It also donated e-learning materials to Nii Amaa Ollennu Memorial School and partnered with Planned Parenthood Association Ghana for free breast cancer screenings.
CEO Peter Vanderpuije reported positive first-half 2025 indicators but cited government policy shifts necessitating revised loan strategies and product diversification. “Prudent fund management and microfinance reorganization will sustain growth,” he stated, highlighting staff well-being and inclusive culture as priorities.
