Adansi Rural Bank to diversify investments portfolio
The Adansi Rural Bank (ARB) is to diversify its investments portfolio to ensure safety and maximization of returns on assets of the bank and shareholders’ funds.
In addition, the bank would continue to find ways to strengthen and develop its operations to maintain the confidence of its customers and shareholders.
Mr. Ahmad Kwame Boakye, chairman of the Board of Directors of the bank in an interview with the Ghana News Agency (GNA) at Fomena in the Adansi North District, said efforts were going to be intensified on loans recovery, deposits mobilization and the maintenance of quality assets to increase profitability.
Already, he said, the bank had computerized all its branches and networked to enhance its operations by way of offering banking comfort to its numerous customers.
“The bank added two more branches to the existing five at Atonsu and New Edubiase in 2010 and even these new branches have fully been computerized and networked”, he said, adding “we are hopeful that we would reap enough returns commensurate with the huge and recurrent expenditure associated with such expansion in our future operations”.
On the bank’s performance in 2010, the Board Chairman said investments in treasure bills and other securities rose from GH¢2.8 million in 2009 to GH¢4.4 million representing 58.67 percent whilst cocoa purchases increased from GH¢5.13 million in 2009 to GH¢7.3 million.
“During the year, the bank’s activities in both domestic and international transfers made great improvement. The volume of activities carried out was GH¢3,579,394.28”, he said.
The Board Chairman added that the shareholders’ funds also increased from GH¢1,245,681.76 in 2009 to GH¢1,407,972.39.
Mr Boakye said a total of GH¢9,184.00 was spent during the year on the bank’s social responsibilities with GH¢4,685.00 going into education, GH¢2,923.00 on scholarship scheme and the rest on agriculture, sports development and other miscellaneous.
He said the bank granted loans totaling GH¢3.6 million whilst an amount of GH¢0.91 million was granted under the micro credit scheme (MCS). Among the sectors that benefited from the loans and advances were agriculture, cottage industry, transport, and trading.
Mr Boakye, however, entreated all loans defaulters to pay back to enable them to access more of the facility. “I humbly appeal to our loan defaulters to repay their loans to avoid any court action”.