Business News of Tuesday, 28 May 2013

Source: GNA

Adansi Rural Bank posts impressive profit

The Adansi Rural Bank posted a record profit before tax of GH¢1,060.230.16 in 2012, representing over 130 per cent of the previous year’s profit of GH¢450,036.81.

The bank also improved its loans and advances portfolio by 62 per cent from GH¢ 5,788.498.19 in 2011 to GH¢9,421.923.47 in the 2012 financial year.

Presenting the report at the 23rd annual general meeting of the bank at Fomena in the Adansi North District, Mr. Ahmad Kwame Boakye, the Board Chairman, said shareholders' fund also appreciated by almost 60 per cent from GH¢1,700,371.51 in 2011, to GH¢2,708,595.52 in 2012.

Total deposits increased by 24.4 per cent moving from GH¢14,764,761.51, to GH¢18,355,306.31 while total assets rose from GH¢17,323,744.35, to GH¢23,619,272.31.

The Board Chairman announced that investments in treasury bills and other securities increased from GH¢6.2million in 2011 to GH¢6.5 million in 2012.

The bank’s stated capital also shot up from GH¢233,843.01 to GH¢290,939.20. The bank’s activities in both domestic and international transfers made much improvement as well reaching GH¢6,034,694.48 during the year.

Declaring a dividend of GH¢341,432.02 as against GH¢103,480.12 in 2011, the Board Chairman said, the bank would continue to offer assistance to communities and institutions within its catchments in terms of community development projects.

Mr. Boakye added that the bank would seek more appropriate ways and strategies to improve its operations to make it more viable and trusted business entity.

In a speech read on his behalf, Mr. Kwadwo Aye Kusi Managing Director of ARB Apex Bank, commended the bank for the impressive performance stressing, “We commend you for the exemplary, visionary and transformational leadership, which has made Adansi Rural Bank one of the leading rural banks in the country”.

He, however, cautioned the bank against complacency and urged it to consolidate the gains by working harder to achieve more laurels.

Mr. Kusi added that rural banks had more to do by way of organisational and operational transformation, especially in the area of Information and Communication Technology.