Accra, April 29, GNA - The management of HFC Bank realised about GH¢4.44 million from its Affordable Housing Scheme last year. Mr Asare Akuffo, Managing Director of HFC Bank who announced this i= n Accra on Thursday, said further growth in the scheme would depend on the provision of additional funding by government. Addressing shareholders at the bank's annual general meeting, Mr Akuffo said the bank provided 172 new homes to public servants under its Public Sector Affordable Housing Scheme in 2009.

He said the bank's mortgage portfolio grew to GH¢50,127,379 from GH¢37,903,643 representing a growth rate of 37 per cent in 2009. Mr Akuffo said despite the difficult operating environment in 2009 the bank achieved a net profit after tax of GH¢5,849,265 which represented a reduction as compared to the 2008 figure of GH¢6,080,603. He said the trend in profitability remained positive as the 2009 profit reflect an average of 78.3 per cent.

Mr Akuffo said the bank maintained a well diversified and high yielding portfolio of assets with loans and advances at the value of GH¢157.5 million.

"Our stance during the year was to maintain the quality of the loan book through effective monitoring and more aggressive recovery efforts," he said. Mr Akuffo said the bank in view of the competitiveness of the bankin= g industry had started implementing a new plan that should move HFC bank to=

the level of a major player in West Africa. Nana Agyei Duku, Chairman of the Board, announced that the board recommended a dividend of GH¢0.015 per share. He said outlook for the financial sector looked bright given the glo= bal approach to reforms in the financial sector. 29 April 10