Jomoro Rural Bank makes impressive performance

The Jomoro Rural Bank Limited at Tikobo Number One in Western Region declared a profit of GH? 105,585.00 after tax in 2014 as against GH? 50,350.00 in 2013, representing an increase of 109. 70 per cent.

The bank’s total deposit increased from GH? 7,191,713.00 in 2013 to GH? 8,763,505.00 in 2014, adding that its total assets also increased from GH? 8,331, 210.00 in 2013 to GH? 10,037,800.00 in 2014, representing 20.48 per cent.

The Board Chairman of the Board of Director of the Bank, Mr Cosmos Cobbold, made this known at the 18th Annual General Meeting of the Bank at Tikobo No. 1.

He said the Bank’s total capital grew by 7.94 per cent from GH? 179,721.00 in 2013 to GH? 193,992.00 in the year under review.

He said advances made by the Bank to some customers shot up from GH? 3,355,351.00 in 2013 to GH? 3,634,613.00 in 2014, representing an increase of 8.32 per cent.

Mr Cobbold said the Bank's investment in 2013 increased by 33.33 per cent from GH? 3,000,000.00 in 2013 to GH? 4,000,000.00 in 2014

He said shareholders fund increased by 21.17 per cent from GH? 566.107.00 in 2013 to GH? 685,964.00 in 2014.

Mr Cobbold indicated that the Board would continue to invest strategically, and pursue innovative income generating programmes to maximise shareholders growth in future.

Mr Samuel Alex Bervel, Vice Chairman of the Bank in his annual report said the Bank transferred GH? 52,793.00 to “Statutory Reserve” in 2014 as against GH? 25,175.00 in 2013.

The Managing Director of the ARB Apex Bank Limited, Mr Kwadwo Aye Kusi, in a speech read on his behalf by Mr Samuel Kofi Osei, Manager, ARB Apex Bank Limited, Takoradi, congratulated Board, Management and Staff of the Bank for the impressive performance.

He said according to the Efficient Monitoring Unit of the ARB Apex Bank Limited Jomoro Rural Bank Limited again improved its status from "fair" in 2013 to "satisfactory at close of 2014.

Mr Kusi said that paid up capital of the Bank as at June was GH? 199,694.00.

He however said that Bank of Ghana has directed that Rural and Community Banks (RCBs) in the country are to raise their minimum paid-up capital to GH? 300,000.00 by December 31, GH? 500,000.00 by December 31 2016 and GH? 1,000,000.00 by December 31, 2017.

According to him, the directive requires fresh injection of capital and not transfer from income surplus account.

He therefore appealed to stakeholders of the Bank to increase their shareholdings in the Bank to enable it, not only have long-term funds to expand its activities, but also help to meet the revised minimum paid-up capital requirement within the three time frames set by the Bank of Ghana.

The Administrator of Western Regional Rural Banks Association, Mr Nathaniel Kudzoe, said banking landscape is changing with respect to regulation, technology, competition, governance and customer expectations.

He said RCBs are expected to promptly respond to these changes through new and improved products and services.

Mr Kudzoe indicated that competition from the mushrooming microfinance institutions continue to be a major concern to all RCBs.

This could only be overcome with improve efficiency and professionalism through optimum use of technology and training of staff, he said.