The Manya Krobo Rural Bank Limited made a profit after tax of GH¢ 2,083,213 in 2016 as compared to GH¢ 2,060,744 in 2015, representing an increase of 1.09 per cent.
Total assets of the bank rose from GH¢ 38,345,770 in 2015 to GH¢ 53,617,368 in 2016, representing 39.83 per cent increase, while the shareholders fund also rose from GH¢8, 343,190 to GH¢6,764,934 within the same period.
The Chairman of the Board of Directors of the bank, Mr Benjamin Tetteh Apo, announced this at the 36th Annual General Meeting of the bank held at Krobo Odumase in the Lower Manya Krobo Municipality in the Eastern Region.
Mr Apo indicated that even though the bank was faced with so many challenges, including the depreciation of the cedi, high inflation, power outages coupled with competition from telecommunication companies operating mobile money services, the bank was able to make profit.
A section of shareholders at the AGM
Touching on total investment, Mr Apo said that also increased from GH¢ 13,351,145 in 2015 to GH¢ 23,255,991, a 74.19 per cent increase.
He noted that stated capital grew steadily over the years through more shares purchases with a significant sum of GH¢ 271,039 purchased in 2016, saying that was an indication of the confidence shareholders and customers had in the bank.
The board chairman appealed to the government to consider restoring the corporate tax rate for rural and community banks to 8.0 per cent instead of the current 25 per cent.
"As an option , the government can direct that 17.0 percentage points difference between the new and the old tax rate is earmarked for increasing the capitalisation of rural and community banks over the next five years." he added.
One of the bank’s projects, The Group Loans Centre
Mr Apo said the bank also spent a total of GH¢ 93,859.70 on 100 brilliant and needy students at the senior high and tertiary levels of education apart from supporting activities marking national Farmers Day celebrations in its catchment area, festivals, provision of classroom desks to Kpong Presby and E.P schools.
Other activities included donations to various churches in its catchment areas, support towards an ultra–modern basketball court at the Laasi park and a donation of various office equipment to the Ghana Police Service within the area.
It also entered into partnership with Ecobank Ghana Limited as a Mobile Money Super Merchant to provide electronic and physical money to merchants within its catchment areas, thereby increasing financial inclusion and reaching out to the unbanked. This collaboration has yielded results due to the unique way of obtaining money for transactions at no cost to clients.
Some customers transacting business in the banking hall
The bank was once again admitted to the membership of the prestigious Ghana Club 100 in 2016 and placed 31st in the coveted national ranking of business firms in the country and third in ranking in the Rural Banking Category by the Ghana Investment Promotion Centre (GIPC).
According to Mr Apo, the bank was also the second runner-up in the Deposit Mobilisation category under the Association of Rural and Community Bank's excellence award for 2015.
As part of the Bank's 40 years anniversary to be celebrated in 2018, the board decided to reward shareholders with a bonus issue of one share for every share already held at the end of 2016.
Mr Apo said plans were underway to change the bank's name from rural to community to reflect its vision to be a first-class financial provider dedicated to protecting the interest of its stakeholders
The Board of Directors of Manya Krobo Rural Bank
In his congratulatory address, the Managing Director of the ARB APEX Bank, Mr Kojo Mattah applauded the board, management, and staff of the Manya Krobo Rural Bank for the outstanding performance.
" The profits achieved by your bank last year and other healthy financial indicators, details of which are disclosed in the chairman's report, are sufficient evidence of the effective and efficient management of resources of the bank, he stated."
He, therefore, called on the staff to deliver quality services to customers.
Mr Mattah said the ARB Apex Bank, being the central bank for all Rural and Community Banks (RCBs), had put in place measures to ensure that there were smooth banking services for all RCBs across the country.
Some of the measures, he said, included ATM project implementation, mobile money, MoneyGram, credit operations, collection platform, data centre and many more.
According to him, all these would help ease the pressure on the RCBs and enable customers to have easy accessibility.
A shareholder (right) asking a question at the AGM.
"The APEX Bank is pleased to be associated with your bank and we pledge to maintain this mutually beneficial relationship with the hope that your bank will continue to make strides in the rural banking industry and grow from strength to strength, " he stated.
The Municipal Chief Executive of Lower Manya Krobo, Mr Simon Tetteh, lauded the bank for its performance in the year and advised that the management should put the right strategies in place to manage risks.
He noted that efforts were being made to channel the payment of the District Assemblies Common Fund through the bank.
The Public Relations Officer (PRO) of the Manya Krobo Traditional Council who is also the Chief of Akuse, Nene Asada Anor, thanked the staff and management of the bank for their continuous support towards the traditional council, especially the Mangyem festival.
He urged customers who has taken loans from the bank to pay back on time for the bank to run effectively.
Nene also called on all to patronise the bank.