Business News of 2014-07-15

Adansi Rural Bank triples its stated capital

Shareholders’ confidence in the board and management of Adansi Rural Bank has greatly contributed to the bank’s hike in its stated capital by over 133percent from GH¢290,939.20 in 2012 to GH¢ 678,976.77 in 2013.
The bank also increased its shareholders fund by over 40% from GH¢ 2,693,951.25 in 2012 to GH¢ 3,795,951.25 in 2013. Alhaji Ahmad Kwame Boakye, the board Chairman who announced these at the bank’s 24th annual general meeting (AGM) at Fomena in Adansi North District of Ashanti added that over one billion Ghana cedis was netted as profit during the year under review.
’’ Your bank made a profit before tax of GH¢1,033,316.02 in 2013 representing a decrease of 2.5% from GH¢1,060,230.16 in 2012.This decrease was due to some write-offs the bank embarked upon during the year under review’’. Alhaji Boakye said as a result of the dedication, hard work and intense mobilization drive embarked upon by the board and management, the bank recorded a total of GH¢20.8million in 2013 as against GH¢18.36 million chalked in the previous year.
The Board Chairman said investment in treasury bills and others securities increased by 16.74% from GH¢6.49milllion in 2012 to GH¢7.58million in 2013, adding ‘’the bank had to invest more in securities to enhance profitability ‘’. He admitted that appreciable increase was recorded in assets regime during the year as total assets had a rise of 23.89% whilst that of fixed assets recorded 6.09%.
Alhaji Boakye announced that loans and advances to its customers during the year rose to 36.38% from GH¢ 9.4million in 2012 to GH¢12.85million in 2013. He hinted that the bank would soon open a new branch at Kotwi off Santasi-Anwiankwanta road whilst plans were advanced to open three additional branches within the year to augment the existing branches.
The Board Chairman added that plans were also in advance to expand its public sector employee loan facility (PSELF) product to other parts of the country to ensure easy accessibility to loan facility by government workers who are not salaried customers.
Mr. George Kwaku Annor, the Kumasi Branch Manager of ARB Apex Bank said Adansi Rural Bank was rated the 18th best bank in terms of net worth out of the 136 rural and community banks (RCBs) operating in the country as at the end of December last year.
He urged the board and management to leverage on their impressive performance to improve on their position on the efficiency monitoring unit (EMU) rankings of the ARB Apex Bank.
Source: GNA
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