Mr Peter Samlafo, Chairman of the Board of Directors of the Avenor Rural Bank, has disclosed that the bank, last year, made a net profit of GH¢ 64,273.04.
The bank also registered steady growths in other areas such as deposits, increasing by 29 per cent, from GH¢1,674,722.00 in 2009 to GH¢ 2,163,941 last year, while assets also jumped 21 per cent from GH¢2,705,689 to GH¢3,265,157.
These were contained in a report read by Mr Samlafo at its 28th General Meeting at Akatsi.
He said GH¢1,747,263 loans were advanced compared to GH¢1,398,576 in 2009, a growth of 25 per cent.
Mr Samlafo explained that but for malfeasance by some of the staffs, who were arrested, prosecuted and dismissed, the performance would have been better.
He said a new branch has been opened in Ho, while its computerization programme remained on course.
Mr Samlafo said the Bank of Ghana’s decision to raise rural banks’ minimum capital requirement to GH¢150,000 was a big challenge.
Mr Eric Osei-Bonsu, Managing Director of the ARB Apex Bank, lauded the performance of the Avenor Rural Bank, but was not happy with the drop in profits and urged them to work harder.
He noted that, though the performance of rural banks had generally improved, they have much to do in the areas of organization and operational transformation, especially in the area of ICT.
Mr Osei-Bonsu said a Ghana-Rural and Agricultural Finance Programme (RAFIP), designed by the ARB Apex Bank to fine-tune Rural Banks to serve rural farmers and agriculture related activities, would soon be rolled out.
Mr Osei-Bonsu announced a policy to recruit tertiary school graduates from around the catchment areas of various banks for training to improve on their human resource situation.