Odotobri Rural Bank shows strong growth

Odotobri (Ash), Aug 17, GNA - Odotobri Rural Bank continues to show strong growth with its total assets hitting GH¢87,504,000.00, last year.

This represents an increase of 13.06 per cent over the year 2015 figure of GH¢77,393,000.00.

At the same time, its share capital rose by 58.64 per cent - shot up from GH¢1,208,949.13 to GH¢1,917,880.77.

Mr. Bernard Asamoah-Boateng, the Board Chairman, announced this at the 30th annual general meeting of the shareholders held at Jacobu in the Amansie Central District.

He told the owners of the bank that it made a net profit of GH¢3,960,144.00 on its operation during the period under review.

Compared with that of the previous year, this showed a 7.63 per cent increase.

Mr. Asamoah-Boateng indicated that total deposits also went up from GH¢62,339,299.00 to GH¢68,545,698.34.

He added that investment in treasury bills and other short term securities climbed to GH¢40,243,523.00 from GH?38,075,059.00.

Loans and overdraft in support of the expansion of businesses came to GH¢24,848,000.00.

He said being a good corporate citizen, it pumped GH¢158,567.98 into community development projects.

Mr. Kojo Mattah, Managing Director of the ARB Apex Bank, urged rural and community banks (RCBs) to strengthen their internal controls to prevent operational losses.

They should additionally put in place adequate measures to disable unscrupulous people from using their system to perpetuate fraud.

GNA

By Sampson Adu-Poku, GNA