Jomoro Rural Bank declares 122% profit

money-cashThe Jomoro Rural Bank (JRB) Limited at Tikobo No. 1 in the Western Region last year made a profit of GH¢263,181.00 before tax as against GH¢1118,272.00 in the previous year.

This represents an increase of 122.52 per cent. 

The Bank’s total income also increased from GH₵ 2,081,917.00 in 2014 to GH¢2,751,345.00 in 2015 representing an increase of 32.15 per cent as compared to 28.02 per cent in 2014.

The Chairman of the Board of Directors of the Bank, Professor Cosmas Cobbold made this known at the 19th Annual General Meeting (AGM) of Shareholders of the Bank at Tikobo No.1.

He said the Bank’s total assets went up from GH¢10,037,800.00 in 2014 to GH¢12,955,662.00 in the year under review. 

Prof Cobbold indicated that the Bank total deposit also moved from GH¢8,763,505.00 in 2014 to GH¢11,359,625.00 in 2015, adding that the achievement was as a result of “Prudent Investment, Aggressive Loans Recoveries and Innovative Ideas” of the Directors and Managers of the Bank. 

He said the Bank made advances to Customers in the sum of GH¢4,047,398.00 in the year under review as against GH¢3,634,613.00 the previous year while its investments increased from GH¢4,000, 000.00 to GH¢500,000.00 during the period under consideration. 

Prof Cobbold said the Bank’s Paid-up Capital increased from GH¢193,992.00 in 2014 to GH¢309,422.00 representing 59.50 per cent of the previous figure thus meeting the Bank of Ghana’s (BoG) directives to Rural and Community Banks in the Country to increase their minimum Paid-up Capital from GH¢50,000.00 to GH¢300,000.00 by December 31, 2015.

This he said had been possible due to pragmatic measures the Board put in place at the last AGM, which proposed that Directors, Management Staff, Staff and Shareholders increase and acquire new shares, to address the situation. 

He however expressed concern that, whilst Directors, Management and Staff of the Bank had increased their shares accordingly, only five out of 4000 Shareholders of the Bank have bought additional shares.

The Board Chairman appealed to Shareholders of the Bank to endeavour to buy more shares to prevent the BoG from merging the Bank with another bank in future. 

Prof Cobbold said under the Bank’s Cooperate Social Responsibility a total of GH¢8,107.22 was spent on the provision of various forms of assistance to about 16 institutions, Communities and associations in its catchment area. 

Some the beneficiary institutions include the National Association of Nzema Students of the University of Cape Coast and Takoradi Polytechnic, Tikobo No. 1 Community, Jomoro and Ellembele District Assemblies Farmers Day, Western Nzema Traditional Council (WNTC) and Annor Adjaye Senior High School Cadet Corps, Ezinlibo.

Mr Kodwo Aye Kusi, Managing Director of Association of Rural Banks (ARB) Apex Bank Limited, in a speech read on his behalf indicated that JRB Limited had been classified as a “Satisfactory Rural Bank” in the country following this year’s Second Quarter “Efficiency Monitoring Unit” of Apex Bank report. 

He appealed to Shareholders of the Bank to buy more shares to propel it to greater heights in future. 

Two customers and seven staff of the bank were awarded for their outstanding performances and long services. 

Source: GNA

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