Otuasekan Rural Bank makes impressive performance

The Otuasekan Rural Bank at Kofiase, in the Asante Mampong Municipality made a remarkable achievement in its operational performance, particularly in its deposits mobilization and investments in the 2019 financial year.

Dr Prince Stephen Adom-Attakora, the Chairman of the Board of Directors, who made this known at the 31st annual general meeting of the bank at Kofiase, said the deposits grew by 14.99 per cent from GH¢66,146,441.00 in 2018 to GH¢76,062,849.00 in 2019.

The share capital of the bank also stood at GH¢2,412,484.00 as at the end of the 2019 financial year, thus, exceeding the minimum capital requirement of the Bank of Ghana, which was GH¢1,000,000.00, by 141.25 percent.

Dr Adom-Attakora said, due to 10.67 percent increment of investment from GH¢40,892,892.00 in 2018 to GH¢45,256,979.00 in 2019, the bank observed a downward trend of profit before tax of GH¢2,079,557.00 in 2018 to 530,101.00 in 2019.

Dr. Adom-Attakora, touching on other operational performance of the bank said, the bank realized an upward trend of total assets accrued of GH¢68,131,329.00 in 2017, GH¢79,964,358.00 in 2018 and GH¢90,492,134.00 in 2019.

He said the bank made GH¢28,362,826.00 advances in 2019 as against GH¢25,266,626.00 made in 2018 and improved shareholders’ funds from GH¢11,548,128.00 in 2018 to GH¢1,635,461.00 in 2019”.

Dr. Adom-Attakora said as part of its corporate social responsibility to support socio-economic activities in the communities in its operational area, the bank spent a total of GH¢60,156.00 in the 2019 financial year, an increase of GH¢38,084.00 of 2018 figure.

Areas such as education, health, security services, and traditional authorities in its catchment areas benefited from the corporate social responsibility support.

Mr. George Kwaku Annor, Ashanti Regional Manager of the ARB Apex Bank, commended the bank for the incredible performance and urged the public to have confidence in the capacity and ability of rural and community banks across the country to provide quality financial services to them.

Mr. John De-Graft Owusu, General Manager of the Otuasekan Rural Bank reiterated the commitment of the bank to implement strong financial and corporate measures that would keep the bank strong and ahead of the competition.

Source: GNA

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