ARB Apex Bank assets grow to GH¢326m

Total assets of the ARB Apex Bank Limited hit GH¢326.4 million, last year, Mr. Kojo Mattah, the Managing Director, has announced.

This shows an increase of GH¢52.5 million over the 2016 figure of GH¢273.9 million.

At the same time, deposits rose from GH¢231.9 million to GH¢277.9 million, representing a growth of 19.8 per cent.

Mr. Mattah, addressing the 16th annual general meeting of the bank in Kumasi, said shareholders’ funds also shot up to GH¢29.2 million from GH¢24.8 million–an increase of 17.7 per cent

He told the meeting that it continued to see growth in foreign inward remittance business with their partners – Western Union, Moneygram International and Unity Link.

Transaction counts for Western Union during the period came to 235, 414 and this was valued at GH¢225.0 million, compared with the previous year’s 247, 700 transaction counts, valued at GH¢213.9 million.

The Managing Director said although the Bank’s star product ‘Apexlink’ was facing strong competition from other money transfer products including ‘Mobile Money’, it had been enjoying good patronage.

To increase the product’s attraction and acceptability as an alternative to mobile financial services being offered by the telecommunication companies, they had reviewed downwards, commission for transaction amounts below GH¢500.00.

This comes amid the dip in the number of transactions for the product – down from 124,769 to 81,308.

Mr. Mattah put the Bank’s profit after tax at GH¢4.4 million and said this was impressive viewed against a loss of GH¢13.6 million, it recorded in year 2016.

He spoke of a restructuring exercise to position bank to deliver quality services.

A new five-year strategic plan – 2019 – 2023, would be rolled out soon was going to focus on service delivery improvement and introduction of innovative products to satisfy needs of customers of rural and community banks. 

Source: GNA