Odotobri Rural Bank rated best in the country
Mr Seth Ankrah, Manager of the Kumasi branch of the ARB Apex Bank who announced this at Jacobu said the rating was based on the latest composite ratings of the Apex Bank.
At the 23rd Annual General Meeting of the bank at Jacobu, Mr Ankrah stressed:” Your impressive performance was as a result of the visionary and transformational leadership provided by the Board and Management which has made Odotobri Rural Bank one of the leading Rural Banks in the Ashanti Region and the country at large.”
“I would like to commend the Board, Management and Staff for… an impressive performance in 2009 as against 2008.
“The Bank declared a net profit before tax of GH¢467,771 last year as compared to the previous year’s figure of GH¢321,135 representing an increase of 46 per cent.”
Mr Ankrah added that other financial indicators recorded appreciable increases for which the Board, Management and Staff needed to be commended.
He however reminded the bank that “as we enter the era of intense competition in the banking industry, it is our hope that the Almighty God in his infinite wisdom and mercy will strengthen the Odotobri Rural bank to meet these new challenges”.
He asked the bank not to be complacent but to work harder to consolidate the performance “to serve as an impetus to spur you on to achieve more laurels in future”.
Mr Ankrah called for continuous support from shareholders, the regulatory authorities, customers and the general public to make rural and community banks to perform the crucial rule of rural financial intermediation that would lead to economic and social development of the country.
“Of utmost importance, however is the need for rural and community banks… to improve upon their operations and be informed about new developments in the rural banking industry including the modernisation of the national payment system and banking supervision,” Mr Ankrah stressed.
Mr J. Owusu-Boadi, Chairman of the Board of Directors of the bank said the financial entity did not renege on its social responsibilities as it spent GH¢32,180 to support socio-economic activities in the communities.
“In the 2009 operating year, a total amount of GH¢3,816 was granted to brilliant but needy students as scholarships to enable them pursue various courses of study at the country’s universities, polytechnics and second cycle institutions,” Mr Owusu-Boadi added.