Investment of the bank also recorded a 118.63 per cent increase, from GH¢382,544 in 2009 to GH¢386,361 in the year under review.
Vice Chairman of the Board of Directors of the bank, Mr David Dankwah Asamoah, announced when he was addressing the 16th Annual General Meeting of the bank at Asakraka in the Kwahu-South district.
He said the total assets of the bank also went up from GH¢2.2million in 2009 to GH¢3.2million last year, an increase of 38.40 per cent.
The bank’s net profit before tax recorded a decline of 5.12 per cent from GH¢57,392 in 2009 to GH¢24,607 in the year under review due to the over 60 per cent decline in interest rate on treasury bills and other money market instruments which the bank relied upon to enhance its performance.
Mr Asamoah said the bank granted loans and overdrafts totalling GH¢1,012,400 to its customers in the cottage, transportation, construction, agriculture industries, as well as salaried workers and commerce last year as against GH¢875,155 in 2009 while it was able to mobilize GH¢150,000 as share capital from its share holders.
He advised the share holders to purchase more shares to increase the bank’s capital base since they envisage that the capital requirement of rural banks might soon be reviewed upwards.
In an address read on his behalf, the Managing Director of the ARB APEX Bank, Mr Eric Osei-Bonsu, advised the bank to adopt effective loan monitoring strategies to ensure that all loans granted to its customers were fully recovered in good time to enhance its performance.
He said that the Millennium Development Authority (MiDA) was sponsoring the initial infrastructural development of rural and community banks and they should therefore brace themselves up to meet the maintenance cost of I.C.T infrastructure in terms of software maintenance cost, repairs, depreciation, upgrade and replacement.
Mr Osei-Bonsu advised rural banks to provide quality service to their customers to order to keep them.
- Kennedy Agyapong at odds with Karikari over media ownership
- Sakyi-Addo: Operators would want SIM card registration deadline extended
- I have no data on unemployment rate - Employment Minister
- Airtel makes final payment to Zain for African Networks
- SIM card registration saga delay public education on MNP
- Ghanas transport sector needs review Addai
- Farmers urged to embrace cocoa rehabilitation project
- Rice Sector Support Programme (RSSP) launched in UER
- Ghanaian company snaps top prize at Africa Business Awards
- Statistical Service to blame for zero data on employment - IMANI Ghana
- GIPC train staff in Multicultural Communication
- Energy Minister blames gas shortage on inconsistent supplies from Nigeria
- Mad Rush For SIM Card Registration
- Ostec Presents Affordable IT Managed Services
- Nokia Agrees With Apple
- UBA Organizes 9th ‘Jogging To Bond’
- Survival Of Local Airlines — Mergers Are The Way Out
- ELAC Prepares For Sub-Region
- Adehyeman Savings And Loans Now In Kumasi
- Trend In FDI Infows Positive - GIPC
- GACH Improves Interbank Transfers
- Inflation Drops Further
- Kosmos Listing Slated For September, October
- CMC Targets 1.2m Tonnes Cocoa
- Global GDP To Hit 3.2%