Agona Rural Bank declares more profit

The Agona Rural Bank recorded an impressive profit of 312, 132 6 Ghana Cedis in 2014 as against 307,122 Ghana Cedis in 2013, showing a growth of 10.3percent.

The bank's total income increased from 1,659,176. Ghana Cedis to 2,211, 929 Ghana Cedis, while expenditure rose from 1,352,054 Ghana Cedis to 1, 87 3,078 Ghana Cedis, of which 250, 475 Ghana Ceids was made as an interest payment to the government and other corporate bodies.

Major (retired) Ben Donkoh, Chairman of the Board of Directors of the Bank, made this known at its 29th Annual General Meeting (AGM) at Agona Kwanyako.

The Chairman said the total assets of the bank increased from 7,013, 663 Ghana Cedis to 8,110, 234 Ghana Cedis.

According to the Board Chairman, the share investments (treasury bills) reduced from 2,750,900 Ghana Cedis to 2,310, 540 Ghana Cedis showed 16 percent decrease.

The loans and advances granted were 3,319,085 Ghana Cedis to a total of 645 customers in the areas of construction, transport, salaries earners, school fees and rentals.

The Chairman said the bank’s Board of Directors proposed the payment of dividends, totaling 78,082 Ghana Cedis to shareholders at 0.0101 per share.

He said the bank's programme of micro-finance was currently being operated at Asamankese in the Eastern Region and Agona East district, adding that it had been expanded to other communities in the catchment area of the bank.

The Chairman hinted that currently the programme was being operated in 81 communities of the Central and Eastern Regions, with 1,869 members mostly women, aimed at helping them to expand their businesses.

Major Donkoh said the bank’s liquidity mobilizations increase from 5,364,736 Ghana Cedis in 2013, to 6,119,335 Ghana Cedis in 2014, representing 14.1 percent.

Mr. Maxwell Donkoh, Head, Banking Operations Department of ARB APEX Bank who delivered the speech on behalf of the Managing Director, commended the Board, Shareholders and Management of the Bank, for showing an impressive performance in profitability in the year under review.

He urged the Board of Directors of Rural Banks to put in place pragmatic policies and programmes to improve operations and transformation in the areas of ICT, risk management, compliance, effective deposit mobilization, quality loan book and cost control, to salvage the banks.

Mr. Donkoh disclosed that the Apex Bank had introduced the G.Vive platform to Rural and Community Banks (RCBs) for the verification of authenticity of identification documents presented by customers, to prevent criminals from using their system to perpetrate crime.

Mr. Donkoh hinted that the strategy had been adopted to make RCBs multi-channel service providers, such as - ATMs, ARC and mobile money transfers, to make rural banking operations effective.

He appealed to the bank’s shareholders to continue to invest in its share capital, and also buy more shares to propel the bank to higher heights.

Mr. Frank Owusu, Vice Chairman of the Central Region Chapter of Association of Rural Banks, warned Directors and Managements of Banks to desist from acts that could affect their operations.

He said any board or management member found culpable of misappropriating funds belonging to the Banks, would face arrest and prosecution.

Mr Owusu who is also Chairman of the Assinman Rural Bank, cautioned that board members of rural banks who conspired with managements to offer themselves loans, should stop the practice.