Offinso Rural Bank sees 209% increase in after tax profit

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 at the third annual general meeting of the shareholders at Offinso New Town in the Ashanti Region, 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.

Mr. Amponsah-Boateng informed shareholders 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, the bank gave assistance to a number of social development activities including free breast cancer and Hepatitis ‘B’ screening, donation towards 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 and build on the solid achievements made.

He pleaded with the bank to adhere strictly to the banking regulations, strengthen internal controls and risk management – to identify, monitor and control the exposure of risks which might have adverse impact on the bank’s operation.

Source: GNA