Home / General News / Afram Community Bank makes profit of over GH¢664,000.00

Afram Community Bank makes profit of over GH¢664,000.00

Afram Community Bank(ACB) made a profit of GH¢664,606.00 in 2018 as against GH¢691,014.00, a decrease of 3.8 per cent over the profit made in 2017.

Mr Jeffery Konadu Addo, the Chairman of the Board of Directors of the Bank announced this at the 36th Annual General meeting of shareholders of the bank held at Kwahu Afram Plains South District of the Eastern Region.

He said despite the unstable economic challenges of the country, the ACB grew its income from GH¢2,848,807.00 in 2017, to GH¢3,804,996.00 representing an increase of 33.5 per cent in the year under review.

The Bank’s liability on customers’ deposits also witnessed an increase of GH¢11,143,275.00 in 2017 to GH¢15,800,820.00 in 2018 representing an increase of 41.79 per cent.

Mr Konadu- Addo said, the loans and advances of the bank also grew from GH¢8,410,637,00 in 2017 to GH¢14,875,798.00 in 2018 representing an increase of 76.8  per cent.

He described the Bank’s microfinance sector as the soul of its operations, adding that despite the bank recording some defaulters in their operational area, the bank had been able to make headway.

He said the bank has exceeded the Bank Of Ghana’s minimum capital requirement of GH¢536,287.00 and therefore was doing all it could to set aside fund to meet any possible further increment from the Bank of Ghana in the near future.

In line with the bank’s corperate social responsibility, he said the bank supported the Kwahu Afram Plains South District Assembly to rehabilitate the Ekye to Sekeyere road and provided logistics to the Ghana Police Service in Tease and Donkorkrom.

He said they also supported the Kwahu Afram Plains Education Service and Health Directorate to ensure their effective operation.

The bank, he indicated also supported Water Board to provide potable water for Maame-Krobo and Donkorkrom communities to help curb the scarcity of water in the area.

In a speech read on behalf of the Managing Director of ARP Apex Bank Limited, Mr Kojo Mattah, congratulated the bank for ensuring that upon the unstable economy of the country, the bank was able to make profits in the year under review.

He called on the Rural and Community Banks (RCBs) to tighten their internal control system to prevent unscrupulous persons from exploiting the systems to the disadvantage of the banks.

He urged the directors of the bank to abide by the Bank of Ghana (BOG) directives in granting loans to serving directors.

Mr. Mattah therefore entreated the banks to deploy technology in their activities as it had become the key driver of products, services and processes in the contemporary banking industry.

Source: GNA

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