Merchant Bank Ghana Limited posted an impressive 71 per cent rise in deposit mobilisation as at the end of the first quarter of 2010 as against the same period last year.

The banks deposit has increased from over GH¢358 million in March 2009 to over GH¢612 million in March 2010.

Peter Iliasu, Managing Director of the bank said, Despite a difficult trading environment in which we have seen the global financial crisis affect Ghana, we have managed to record a strong performance, growing our deposits with net interest increasing by 95 per cent compared to the same period last year.

The banks trade finance business significantly increased from $30 million in the first quarter of last year to $97.7million same period this year.

He said the banks board of directors is very experienced in their various fields, providing the needed strategic direction for the bank.

Mr. Iliasu stressed that it has a strong management team and well-motivated staff who are determined to deliver stronger performance in 2010.

The bank is also investing in its distribution channels and will soon introduce its Direct Sales programme, which will take the banks offerings closer to both existing and potential customers.

Merchant Bank will also introduce its Premium Banking service very soon to attract the high end of the individual segment of the market.

Mr. Iliasu said despite the increased competitiveness of the financial sector in Ghana, the banks clear strategic focus is on course with the expansion and modernization of its retail proposition, deepening of its corporate banking franchise and revitalizing of the investment arm through strategic partnerships.

All these, he said, are aimed at positioning Merchant Bank to become a strong player to contribute its quota to the development of the economy.