Capital Rural Bank holds AGM

The Capital Rural Bank Limited at Abesim near Sunyani in the Bono Region has held its 15th and 16th annual general meeting of shareholders.

The owners during the virtual meeting considered 2019 and 2020 financial reports, outlooks for subsequent years and strategies designed to improve the fortunes of the bank among others.

The Board Chairperson of Capital Rural Bank, Mrs. Patricia Peprah-Agyeman, in an address said environmental externalities-financial sector clean-up and impact of COVID-19 pandemic severely decelerated the growth of the bank during the periods under review. But that notwithstanding, the bank remains resolute and poised to achieving its objectives of being sound, healthy and prosperous force in the rural banking space, she added.

Capital Rural Bank after modifying its policies in the wave of the challenges, achieved modest gains in the performance indicators. Total assets grew from a little over GH¢17.11 million in 2019 to GH¢21.93 million in 2020, while total deposits recorded 27.68 percent growth-changing from GH¢14.89 million to GH¢19.01 million.

As at the end of the 2020 financial year, total credits stood at GH¢9.89 million, representing 34.97 percent increase over the previous year’s figure of GH¢7.33 million. Investments on the other hand had marginally gone up from GH¢5.14 million to GH¢5.41million.

The bank’s total income was amounted to GH¢2.91 million in 2020 as against GH¢2.72 million in 2019, showing a slight increase of 7.13 percent. However, the bank made a loss of GH¢987, 765 in 2020 as compared to GH¢595,390 in 2019.

The Board Chairperson said the implementation of a 3-year strategic plan (2019-2021), aimed at transforming the bank still remains relevant to turn things around, indicating that it is in line with it that its Nsoatre and Yamfo Mobilization Centres would be converted into full agencies as well as establish an additional branch.

She noted that the bank is improving and expanding its microfinance scheme to rope in more customers to enhance the treasures of the bank and also help micro enterprises to grow and develop in order to support the country’s economic recovery from the shackles of COVID-19.

The Sunyani Branch Manager of ARB Apex Bank, Reuben Adamtey, who deputized for the Apex Bank Managing Director, Kojo Mattah, pointed out that his outfit has carefully studied emerging trends and devised appropriate measures to help rural and community banks (RCBs) thrive.

He said: “Of the developments is the introduction of Mobile Banking by ARB Apex Bank for all RCB customers. This means that with a mobile phone number, every customer can now have his/her account linked to their phone numbers to enable them move money from their phone wallets to their account numbers with the RCB and vice versa. This is a major leap for the esteemed customers of our banks.”

He therefore urged all RCBs to sign their customers onto the service to enable them enjoy the ‘freedom of banking’ from the convenience of their phones. He added that the Apex Bank would soon launch its touted Agency Banking which would help bring more freedom to rural banking customers and create more jobs as well.