Citizens Rural Bank Limited increases profit

The Citizens Rural Bank Limited at Nsawam has held its 6th Annual General Meeting and declared a profit before tax of GHc198,008 as compared to GHc111,625 in 2013.

Dr Samuel Asomaning, Board Chairman of the Bank who made this known in his annual report said the board strived to reduce expenses to the barest minimum.

“The case in point is the director’s fees and expenses, which has been brought down by 45 percent,” he said.

He said 2014 marked the first full year of operation since the restructuring of the Bank began in October 2013, and that, they have seen improved performance in all areas of operations.

“As a result of the restructuring, some aggressive targets were set for management and staff, who have performed well to take us to where we are today, we think we have set the groundwork for further growth.”

The Chairman said total deposits increased from GHc2,364,022 in 2013 to GHc3,272,151.49 in 2014, an increase of some 38 percent.

“This impressive growth resulted from growth in all areas including savings, current and fixed deposits.

A good part of this achievement was as a result of excellent work by our Mobile Bankers (Susu) and aggressive courting of customers by our management.

“The deposit target in our plan was GHc3,024,714, and we exceeded this by some GHc247,437,” Dr Asomaning said.

On future plans, DrAsomaning said the bank would set up a new bonus system whereby bonuses would not be automatic but closely aligned to performance targets.

He said the bank was in the process of revamping its corporate policies and has hired a consultant to help achieve this end.