Nwabiagya Community Bank makes GH¢1.1m net profit

The Association of Rural Bank (ARB) Apex Bank has given high marks to the Nwabiagya Community Bank, ranking it among the best performers in the industry.

The bank made a net profit, after tax, of GH¢1,108,423 on its operations last year.

This represented a growth of GH¢200,689.00 over the previous year’s figure of GH¢907,734.00.

During the period its deposits rose to GH¢21,301,423.00 from GH¢14,851,617.00 and 48.68 percent of the money was made up of savings from customers based in rural communities.

The bank’s assets went up from GH¢19,739,621 to GH¢26,770,023, showing a 36 per cent increase, with the share capital jumping to GH¢506,621.00 from GH¢341,315.00.

At the same time, investments shot up from GH¢6,640,312.00 to GH¢10,900,100.00. There was also an appreciable growth in loans and advances. It was up from GH¢9,159,209.00 to GH¢11,030,407.00.

The bank’s net worth stood at GH¢4,138,149.00 and its capital adequacy ratio 22.39 per cent. The Bank of Ghana (BOG) statutory capital ratio requirement for rural and community banks is 10 per cent.

Mr Eric Osei-Bonsu, Managing Director of the ARB Apex Bank, attributed the bank’s strong performance to the visionary and transformational leadership provided by the Board, management and staff.

Addressing the 23rd annual general meeting of the shareholders at Barekese, he appealed to them to continue to work hard.

“Your bank cannot afford to slip back, it has all the potentials to succeed and economically empower your community”, Mr Osei Bonsu said.

He called for improvement especially in the area of credit delivery and urged the board and management to review and strengthen their credit management systems.

Nana Owusu Sarfo Anwona II, Chairman of the Board of Directors of the Bank, said the bank had acquired plots of land at New Offinso market and Abuakwa to build branch offices.

Source: GNA