International Commercial Bank
International Commercial Bank (ICB) in Ghana had another strong year in 2005, lifting earnings 17% to 13.2 billion cedi ($1.5m). In 2004, it grew profits by 74%. The judges noted ICB’s strong push into the SME sector, expanding its points of presence into areas of high SME density. An aggressive sales push has increased SME deposits to 45% of the bank’s total retail deposit base.
“This year, the bank celebrates its 10th anniversary. Since its inception, ICB has nurtured SMEs and has contributed immensely to the development and growth of SMEs in Ghana. In the process, we have provided good returns on equity to our shareholders,” says CEO Lalgudi Krishnamurthy Ganapathiraman.
In terms of product development, the bank recognised the need for simple, affordable trade finance products, launching Easy Import Loan. The judges also noted efforts to increase foreign remittances, a shrewd strategy to increase the bank’s foreign exchange trading volumes.
