Anlo Rural Bank rated best

The chairman of Anlo Rural Bank, Larry Kwesi Jiagge, has announced that the bank has been adjudged the best performing rural and community bank for the third consecutive year in the country.

The bank was also adjudged fourth out of 135 rural and community banks and first in the Volta Region by the Efficiency Monitoring Unit of the ARB Apex Bank Limited -- regulator of all rural banks in the country.

Kwesi Jiagge, speaking at the 13th annual general meeting of the bank, attributed the feat to restructuring of the bank’s investment portfolio, introduction of cost-effective products, and the re-allocation of resources that ensure maximum returns.

The Efficiency Monitory Unit Of ARB Apex Bank measures performance and efficiency of rural banks to ensure they conform to banking standards by taking into consideration returns and efficiency in customer services.

The bank made substantial gains, recording a profit after tax of GH¢899,661 in 2013 as against GH¢377,151 in 2012 -- representing a13.8 percent increase. Its gross earnings also increased, by 94.08 percent against an operating expense of 61.61 percent.

As a result of the bank’s remarkable achievement, Mr. Jiagge said “the board proposed a of dividend payment of GH?0.20 per share, translating into total payment of GH¢70,250.50 compared to GH?47,648 in 2012.”

He informed that total assets of the bank increased by 24.58 percent from GH¢5,426,729 in 2012 to GH¢8,149,542 in 2013, while deposits grew by 13.08 percent from GH¢4,909,714 in 2012 to GH¢5,551,718 in 2013.

Despite stiff competition from competitors, the chairman noted the bank’s advances and investment saw a growth of 21.14 percent from GH¢5,426,729 in 2012 to GH¢6,574,073 in 2013.

The managing director of ARB Apex bank, Kwadwo Aye Kusi, urged the bank not to be complacent but strive harder to meet the challenges and needs of modern banking through innovative ways in order to attract new customers.

“In spite of the bank’s performance, there is always room to improve -- especially in areas of information and communication technology, effective mobilisation, and cost control and customer satisfaction. You should also as well orient staff to embrace excellence in customer service,” he said.