Citizens Rural Bank records impressive gains

The Citizens Rural Bank, Nsawam, last year recorded a profit before tax of GH¢ 137,532.00 as against GH¢ 50,796 in 2011, showing a 100 percent increase. Mr Emmanuel Yevenyo, Acting Chairman of the Board of Directors, disclosed this at the Fourth Annual General Meeting (AGM) of the Bank at Nsawam at the weekend.

The bank’s asset book stood at GH¢ 2,260,329.00 from GH¢ 1,232,205.00 in 2011. Mr Yevenyo said the bank’s customer deposit saw a slight improvement from GH¢ 1,109,364.00 to GH¢ 1,975,351.00. He further disclosed that the bank’s loan and advances grew from GH¢ 585,916 to GH¢ 908,003 while investment in Treasury Bills stood at GH¢ 602,000.

Mr Yevenyo urged stakeholders to buy more shares and inspire their friends and relatives to join the bank in business. The Board Chairman said the bank would continue to hold durbars to win the confidence of potential shareholders to enable it to record higher gains in subsequent years.

Mr Yevenyo urged staff and stakeholders of the bank to maintain high standards of ethics and integrity by making sound business decisions with the customer in mind. Mr Kwadwo Aye Kusi, Managing Director of the ARB Apex Bank, in a speech read on his behalf, commended the board, management, staff and shareholders of the bank for their performance.

He said the Efficiency and Monitoring Report prepared by the Apex Bank rated the Citizens Rural Bank as satisfactory. Mr Kusi, however, urged the bank to work harder to increase its capital base and strive to retain and win new customers to elevate the status of the bank.

He said out of the 137 rural banks operating in Ghana, the Citizens Rural Bank was at the 41st position saying it could do better. Mr Kusi advised the bank to put in place pragmatic and realistic programmes and policies such as risk management, staff training and product development and customer service to ensure its sustainability.

At the close of the meeting, all three Board of Directors of the bank announced their retirement and led stakeholders to accept three new members to serve as board members for the subsequent years. Dr Asomani, Oil, Gas and Financial Expert, Mr Bright C. Bonsah, an Economist and Mr Charles Reindolf, a Financial Expert, were accepted as the new members.