Atiwa Rural Bank makes phenomenal profit
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The Chairman of the board of directors of the bank, Nana Samuel Obeng Apori, who made this known at the 25th annual general meeting of shareholders at its Kwabeng headquarters in the Eastern Region, said such a remarkable achievement was unprecedented in the bank’s 25 years of operation.
He attributed the success to prudent measures instituted by the board and implemented by the management.
The board chairman said apart from such a significant hike in profit, the bank also made gains in other areas of its operation.
For instance, its total assets grew by 20 per cent from GH¢8.3 million to GH¢9.9 million within the same period while deposits also hiked by 20 per cent.
According to Nana Obeng Apori, short-term investment also went up by 27 per cent from GH¢2.2 million to GH¢2.8 million within the year under review.
He said such a tremendous improvement of the bank’s operations made it possible to increase loans and advances by 63 per cent, from GH¢2.7 million to GH¢4.4 million within the same period.
The board chairman told the shareholders that despite the improvements in the bank’s operations, there was the need, not only to maintain such gains but, to strive for more successes and called on the board members, management, staff and shareholders to assist the bank to make more gains.
That, he said, would make it possible for the bank to honour its social responsibility and also give out more loans and advances to help reduce poverty in the area.
The Head of the Internal Control Department of the ARB Apex Bank, Mr Hyginus Zon who read the speech of the managing director, Mr Kwadwo Aye Kusi, said notwithstanding the successes chalked up by the Atiwa Rural Bank, it still had to do more, especially in deposit mobilisation and cost control and reduction.
Story: A. Kofoya-Tetteh
