Avenor Rural Bank increases assets

Avenor Rural Bank last year realized GH¢141,573 profit before tax compared with GH¢75,622 in 2011.

This was possible due to the GH¢1,270,554 total income growth and GH¢1,040,301 operating expenses incurred in 2012.

Mr. Simon Nerro Davor, Board Chairman of the Bank, told its 30th Annual General Meeting at Akatsi that the Bank’s total assets also went up from GH¢4,371,968 to GH¢6,416,688.

The bank’s deposit for the period stood at GH¢5,013,034 compared to GH¢3,168,310, while share funds also inched up to GH¢690,055.

The Bank advanced GH¢3,526,470 to agriculture, transport, construction and other private entities in 2012 compared to GH¢2,308,481 in 2011.

He announced shareholder dividend of GH¢37,754.07 and appealed to shareholders and depositors to increase their investments to enable the Bank meet Bank of Ghana’s minimum capital requirement.

Mr. Seth Ankrah, Manager, Complaince, ARB Apex Bank Limited, commended the Bank for its performance and urged shareholders to do more.

He said the ARB Apex Bank had rated the Avenor Rural Bank fair in its 2013 first quarter report.

Mr. Ankrah said the Bank must improve its performance in deposit mobilization, cause control and reduction and be abreast with risk management, train its staff and develop more products.

Source: GNA