New Juaben Teachers Savings Scheme makes profit

The New Juaben Municipal Teachers Savings Scheme has declared a profit margin of 85.08 percent for the year ended 30th June, 2013.

The Scheme recorded revenue of GH¢1,594,298.09 as against GH¢ 1, 255,793.93 in 2012 showing an increase of GH¢338,504.16.

The total operating expenses amounted to GH¢ 1,497,292.21 leaving a net surplus of GH¢97,005.88 as against GH¢52,412.70 recorded in the same period in 2012. Mr Israel Benjamin Lassey, Board Chairman of the Scheme, said this at an Annual General Meeting (AGM) held in Koforidua.

He said interest on members’ savings for the period under review amounted to GH¢234,884.42 as compared to GH¢188,670.92 in 2012 which showed an increase of GH¢46,213.50 indicating 24.49 percent.

Mr Lassey said shares acquired by members of the Scheme for the period under review stood at 52,975 shares as compared to 37,015 acquired in 2012. He said the Scheme would put up permanent offices for which the Board of Trustees had concluded negotiations.