Ghana: Société Générale accounts to shareholders at 41st Annual General Meeting

Société Générale Ghana PLC has held its 41st Annual General Meeting virtually at the Head Office of the Bank in Accra, using the occasion to account to shareholders and discussing the bank’s performance for the year 2020.

The Chair of the Board of Directors, Mrs. Margaret Boateng Sekyere in her statement indicated that 2020 was a challenging year for the industry locally and globally, however, the performance of the Bank was very encouraging.

Mrs. Boateng Sekyere stated that, “The Profit after Tax for the Bank stood at GH¢154, 208,915 compared to GH¢128,542,186 in 2019.

Net Banking Income increased by 7.8 percent, operating expenses grew by just 6 percent Total Assets increased by 15.1 percent and Total Shareholders’ Funds also grew by 15.4 percent. The Bank remained resilient and recorded gains on most of its notable indicators.”

The Board of Directors for the year ended 2020 approved the payment of dividend to Shareholders at the rate of GHS0.11 per share.  This amounted to GHS80.84 million which is 69.89 percent of the distributable profits of Société Générale Ghana.  The dividend payout represents 52.42 percent of the profit after tax of the Bank.

The shareholders of the Bank approved the following resolutions; adoption of the Financial Statements of the Company for the year ended 31 December 2020; that a Dividend of GHS 0.11 per share payable on the 26th November 2021 be declared; the re-election of a Director retiring by rotation; the confirmation of the appointment of a newly elected Independent Director; the approval of Directors fees; and the authorization granted to the Board of Directors to determine the remuneration of the External Auditors.

 Mrs. Margaret Boateng Sekyere, commenting on the outlook for 2021 mentioned that Société Générale Ghana PLC will continue to deepen stakeholder relationships by liaising with customers, communities and regulators. Société Générale Ghana will continue to work in close liaison with the Bank of Ghana to strengthen the Regulatory Framework.

 Managing Director of Société Générale Ghana PLC, Mr. Hakim Ouzzani, addressing the Shareholders, reiterated the Banks’ ambition to continue the growth of its market share on credits, deposits, flows and market activities to position it among the major players of the banking sector.

“The target is to grow the Bank’s credit market share to 7.5 percent, and deposit market share from 3.77 percent to 5.2 percent by end of 2022”, he stated.

Mr. Ouzzani mentioned that the Bank will continue to build, together with its clients, a better and sustainable future through responsible and innovative financial solutions.

Société Générale Ghana is one of the leading banks in Ghana with 40-networked branches and outlets across the country. The Bank provides Retail and Corporate clients with dedicated innovative products and services aimed at satisfying and anticipating customers’ needs.

The Bank is recognized for supporting individuals and businesses of various sizes and backgrounds to achieve their full potential. The Bank is the foremost innovator in the Banking industry spearheading key reforms such as Factoring, Cash Management, Foreign Exchange and Commodity Hedging, Consumer Credit Loan and Bill Payments to meet its customers’ needs.