Kwaebibirem Rural Bank profit soars
The Kwaebibirem Rural Bank in the Eastern Region made a net profit of GH¢3,447,455 in 2022 as against the GH¢1,490,181 declared in 2021, represnting a 131.34 per cent increase.
During the same period, the bank granted loans and advances of GH¢13,279,784 to its customers compared with the GH¢10,209,234 it gave out in 2021.
The Chairman of the Board of Directors of the bank, Carlos Kingsley Ahenkorah announced this at the bank's 36th Annual General Meeting held at Kade last Friday.\
He said the total deposit of the bank increased from GH¢36,862,875 in 2022 to GH₡48,585,493 in 2022, representing a growth rate of 32 per cent while its assets grew from GH₡40,669,665 in 2021 to GH₡57,112,851.
Mr Ahenkorah stated that the bank's investments increased from GH¢21,790,257; in 2021 to GH¢34,591,714 while the shareholders fund shot up from GH¢1,460,704 to GH¢34,404,570 with the bank's total operating income increasing from GH¢8,122,899 in 2021 to GH¢11,527,525.
He noted with pride that the bank had now met the Bank of Ghana's minimum required paid up capital of GH¢1 million through the efforts of the board.
The board chairman said following the engagement with the regulator, an amount of GH¢601,627 had been declared as bonus to shore up the capital requirement.
He said as part of its social responsibility in it's catchment area, the bank had been continuously supporting the Ghana Police Service by providing fuel subsidy to the Asuom, Kade, Akwatia and Oda commands, adding that the bank had also been supporting the Ghana Education Service and health facilities in the area.
According to Mr Ahenkorah, the bank would celebrate its 40th anniversary next year in grand style.
The management of the bank donated a knapsack sprayer to each shareholder at the meeting.
In an address read by the Eastern Regional Manager of the ARB Apex Bank, Nana Frimppng Asare on behalf of the bank's Managing Director, Alex Kwasi Awuah, he was full of praise for the board, staff and shareholders of the bank for working hard to declare over 100 per cent net profit for the bank and urged them not to relent in their efforts.
He announced that the Apex Bank was in the process of introducing mobile banking for rural banks to bring relief and satisfaction to their customers.