Ghana cedi note
The Offinso Rural Bank saw improvement in its operation returns, last year, despite the difficult economic environment - posting profit after tax of GH¢94,640.48.
Mr. Kofi Amponsah- Boateng, the Board Chairman, who announced this said the figure represented a 209.11 per cent increase over that of the previous year.
At the same time, total deposits rose to GH¢5,077,639.00 from GH¢4,015,315.00, showing a growth of 26.46 per cent
He was addressing the third annual general meeting of the shareholders at Offinso New Town.
Mr. Amponsah-Boateng informed the owners of the bank that during the period its assets hit GH¢6,813, 978.00 compared with the year 2013 total of GH¢6,277,618 .85.
Again, the capital adequacy ratio climbed from GH¢346,402.00 to GH¢351,802.00.
He said loans and advances granted in support of the expansion of economic activities also amounted to GH¢2, 456,242 .00, adding that, in all 2,010 customers benefitted.
He added that being a good corporate citizen, it gave assistance to a number of social development activities including free breast cancer and Hepatitis ‘B’ screening, donation towards the farmers’ day, refurbishment of the Offinso North District Education Office and the celebration of the ‘Mmoaniko festival’.
Mr. Kwadwo Aye Kusi, Managing Director of the ARB APEX Bank, in an address read for him, urged the management to stick to best practices to sustain the bank on the path of growth.
It should adhere strictly to the banking regulations, strengthen internal controls and risk management - to identify, assess, monitor and control the exposure of risks which might have negative or adverse impact on the bank’s operation.
Mr. Kusi encouraged the board, management and staff to continue to work with zeal and passion to build on the solid achievements made.
