The Asante-Akyem Rural Bank has declared a profit before tax of GH¢253, 422 on its operations in 2009, representing an increase of 34.16 per cent over the previous year’s figure of GH¢188,887.
Its total assets also grew by 20.35 percent from GH¢6,669,726 to GH¢8,027,210 during the period, with the net-worth going up from GH¢6.6m to GH¢8.027m.
Mr Francis Opuni Sekyere, the Board Chairman, addressing the 23rd Annual General Meeting of the bank at Juansah in the Asante-Akim Municipality, said the customers’ confidence continues to grow and this was evidence from the surge in the bank’s deposits. It rose to GH¢5,881,523 from GH¢ 4,867,754.
The Board Chairman told the shareholders that the bank had increased its government securities by 121.74 per cent from GH¢ 1,150,000 in 2008 to GH¢ 2,550,000 in 2009.
With this, it has met the Bank of Ghana’s (BOG) secondary reserve requirement to maintain 30 per cent of the total deposits.
Mr Eric Osei-Bonsu, Managing Director of ARB APEX Bank, in an address read for him, commended the bank for satisfying the BOG’s minimum capital requirement of GH¢150,000.
He, however, urged the board and management not to be complacent but strategically explore various avenues to grow the bank’s share capital to make it more solid and stronger.
He said the growth in capital would enable the bank to survive the numerous risks associated with the banking business and investment challenges emanating from computerization.