Okomfo Anokye Rural Bank announces fall in profit

The Okomfo Anokye Rural Bank at Wiamoase in the Sekyere South District, has announced a 10 per cent decline in its pre-tax profit, for last year.

It netted GH¢416,199 compared with the year 2012 figure of GH¢461,965, which has been attributed to the generally unfavorable business environment – depreciation of the cedi, inflation, high utility tariffs and petroleum price increases.

Mr. Kennedy Obiri-Yeboah, the Board Chairman, who announced this at the 20th Annual General Meeting of Shareholders of the Bank, at Wiamoase, said the establishment of a new branch at Kronum-Abuohia was the other contributory factor.

He said despite the drop in profit, it continued to show strong performance with its deposits growing from GH¢12.8 million to GH¢14.9 million during the period.

The bank’s total assets rose to GH¢19 million from GH¢16.5 million while the net worth hit GH¢1.9 million from GH¢1.4 million.

Mr. Obiri-Yeboah told the meeting that the Bank granted loans and advances totaling GH¢10.9 million in support of the growth of businesses, representing a 12 per cent increase over the previous year’s total of GH¢9.7 million.

Its capital adequacy ratio also moved up to GH¢732,102 from GH¢289,107, which is more than double the Bank of Ghana (BOG) capital requirement of GH¢300,000.

He described the overall outlook as good and said that the expectation was that there would be impressive returns on investments.

Mr. George Kwaku Annor, Kumasi Branch Manager, ARB Apex Bank, urged the RCBs to invest in staff training programmes to build the capacity of their workers and improve customer care.

“Integrity must be the watchword and RCBs must endeavour to build a good corporate image for themselves to ensure the loyalty of customers,” he stated.

Nana Dr. Anokye Ababio, Omanhene of Agona Traditional Area, urged Rural and Community Banks (RCBs) to give more support to the productive sectors of the economy.

They should assist those into manufacturing and agriculture to expand their businesses to create jobs and wealth and sustain the national economy on the path of sustainable growth.

He also encouraged the people to accept to save with the banks.

Source: GNA