North Volta Bank makes double profit
The North Volta Rural Bank has declared a net profit of GH¢173,710 in the last financial year compared to GH¢80,315 in the previous year.
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The bank, which has its headquarters at Guaman in the Jasikan district, continues to make positive strides in its operations.
It had also increased deposits from GH¢4,318,471 as against GH¢2,759,769 in the same period and also kept all statutory reserves above minimum threshold as required by the Apex Rural Bank.
This was contained in a speech read on behalf of the chairman of the board of directors of the bank, Dr Patrick Ata, by another board member, Mr Gustav Adu at the 19th annual general meeting (AGM) of the bank at Guaman.
He said the bank granted loans and overdrafts to 1,394 persons including those in the fields of agriculture, trading and salaried customers.
The board had proposed the payment of GH¢30,000 to its shareholders based on the good performances of last year.
Mr Ata announced that the bank, with the approval of ARB Apex Bank and in collaboration with a team of researchers from the World Bank, University of Ghana, Dartmouth College and an international research organisation with a country office in Ghana, Innovations for Poverty Action had commissioned a research into the provision and improvements of products and services to customers.
The outcome, he said, was expected to motivate customers for good saving habits for mutual benefit to both shareholders and customers.
He said the bank also delivered social responsibilities towards the celebration of Farmer’s Day celebrations in the Jasikan, Kadjebi, Nkwanta and Krachi East districts in the northern sector of the Volta Region.
Dr Ata said the bank also made donations to the Guaman Junior High School, Ghana Education Service in the Kadjebi district, Jasikan College of Education, the chiefs and people of Guaman and the Guaman Basic School.
In an address read on behalf of the head of legal/compliance of the ARB Apex Bank Limited, Mr Curtis W. Brantuo, the Managing Director of ARB Apex Bank, Mr Kwadwo Aye Kusi, charged the bank to comply with the Know Your Customers (KYC) principles to enhance risk management and auditing initiatives.
He announced that the Apex bank had commenced the implementation of branchless banking with the procurement of the Temenos Arc Mobile Platform aimed at offering an alternative to conventional branch-based banking.
Mr Kusi said branchless banking would allow financial institutions and other commercial actors to offer financial services outside traditional bank premises by using delivery channels such as retail agents, merchants, mobile phone to substantially increase the financial services outreach to the unbanked in communities.
He said the ARB Apex Bank was also developing a new strategic plan from 2014-2018 that would focus on providing efficient services to the Rural and Community Banks (RCBs) for improved customer satisfaction and creating a platform on which the unbanked and the under banked may participate.
Daily Graphic/Ghana
