17.12.2007 Business & Finance

Odwen Anoma Rural Bank mobilises over 10 billion cedis in deposits

17.12.2007 LISTEN

The Odwen Anoma Rural Bank was able to mobilise 10.46 billion cedis last year as against 9.09 billion cedis two years ago, an increase of 15 per cent.

Total assets of the bank also increased from 14.60 billion cedis in 2005 to 16.34 billion cedis last year, an increase of 12 per cent while investment also went up by nine per cent from 4.68 billion cedis in 2005 to 5.08 billion cedis in the year under review.

The Chairman of the Board of Directors of the bank, Mr Emmanuel Kwame Ofori, said this at the eleventh annual general meeting of the bank at Abetifi in the Kwahu South District on Saturday.

He said paid up capital also increased from 0.67 billion cedis two years ago to 0.80 billion cedis last year, an increase of 20 per cent while there was a decrease in the granting of loans and over-draft from 4.42 billion cedis in 2005 to 3.85 billion cedis in the year 2006, a decrease of 12 per cent.

The bank's annual profit reduced from 3.36 billion cedis two years ago to 2.58 billion cedis last year a decrease of 77 per cent but was able to spend 98.075 million cedis to pay dividend of 10 cedis per share to its shareholders

Managing Director of ARB Apex Bank, Mr Emmanuel Kwapong, commended the bank for its modest improvement in areas of deposit, advances and pay up capital but there was the need to embark on serious deposit mobilization programme to enable the bank to grant more loans to their clients.

He said though the performances of the bank at the regional level was average there was the need to work hard to move higher on the ladder both at the regional and national level to enhance their performances.

Mr Kwapong said Apex Bank had noted with concern the unfortunate incidents of fraud at some of the rural banks recently and had therefore put in place innovative measures to stop the activities of those fraud syndicates operating all over the country.