New Juaben Teachers Savings Association makes GH¢66,669 as net surplus

The New Juaben Municipal Teachers Savings Association recorded GH¢959,322.29 revenue for the period of June 2011.

Total operating expenses for the same period amounted to GH¢892, 652.41, leaving a net surplus of GH¢66,669.88.

Mr Israel Benjamin Lassey, Chairman of the Board of Directors, announced this at an Annual General Meeting (AGM) of the association in Koforidua.

He said the profit margin showed a decline of GH¢7,921.39 or a drop of 10.62 percent as compared with the figure for the period in June 2010 and attributed the drop in the profit margin to low demand for loans from July one, 2010 to January 31, 2011.

He said the non deduction of dues by the Controller and Accountant General’s Department for the three-month period of February 2011 to April 2011 as a result of implementation of the Single Spine Salary Structure.

“The non-deduction of dues for the three- month period also affected our Savings and Deposits figure thereby resulting in the recording of a lower total figure for Savings and Deposits for the period under review as compared with the previous year”.

Mr Lassey said total interest awarded on members’ savings for the period amounted to GH¢141,694.92, showing an increase of GH¢27,282.56 over the previous year.

He said an amount of GH¢0.85 per share had been proposed the same as that of the previous year.

Mr Lassey said the association’s investments in companies listed on the Ghana Stock Exchange include Aluminium Works Ghana Limited (ALUWORKS), Benso Oil Palm Plantation Limited (BOPP), CAL Bank Limited (CAL) and Cocoa Processing Company Limited (CPC).

The others are Ecobank Ghana Limited (EBG), Ecobank Transnational Incorporated (ETI), Enterprise Group Limited (EGL), Ghana Commercial Bank (GCB), Ghana Oil Company Limited (GOIL), Standard Chartered Bank (SCB), SG-SSB Bank Limited (SG-SSB) and State Insurance Company Limited (SIC).

Source: GNA