Modern Ghana logo

FEATURED: Can We Blame Religion For Africa’s Economic Woes?...

body-container-line
28.04.2019 Business & Finance

ARB APEX Bank Profit Dips In 2018

Staff Writer
Business The Board Chairman Kwame Otieku addressed the 17th annual general meeting of the ARB APEX Bank
APR 28, 2019 BUSINESS & FINANCE
The Board Chairman Kwame Otieku addressed the 17th annual general meeting of the ARB APEX Bank

The ARB APEX bank, has revealed improvements in its financial position despite its decision not to pay dividend to shareholders.

The Board Chairman for the ARB APEX Bank Kwame Otieku said a moderate profit before tax of ¢ 914,200 was recorded compared to the ¢ 2million recorded in 2017 with a total operating income rose from ¢ 48.9 million representing a growth of 13.5 percent

Mr Otieku said this at the 17th annual general meeting of the ARB APEX Bank held in Volta Serene Hotel, Ho, in the Volta region.

According to him, the Bank's balance sheet grew by 20.9 percent from ¢ 326.4 million in 2017 to ¢ 394.5 million in 2018.

He said, total deposits rose from ¢ 277.9 million in 2017 to ¢ 341.2 million in 2018, representing a growth of 22.8 percent.

According to Mr Otieku, ARB APEX Bank spent ¢ 138,400.00 on Corporate Social Responsibility (CSR) for the 2018 financial year as compared to an amount of ¢ 303,600 spent on CSR for the previous year.

"The key beneficiary sectors under the Bank's CSR programmes were in education, health and community engagement "he stated

Mr Kwame Otieku pleaded with stakeholders for the deferments of the payment of dividends to shareholders.

"Due to the low capitalisation of the Bank and the need to increase the Bank's stated capital, there is the increasing need for accumulation of profits over time as we pursue measures to attract additional capital " he said.

He assured the stakeholders that there are plans to implement various projects to improve upon service delivery and income streams of the Bank and expressed optimism that the Bank would improve its profit performance and shareholder value in the year ahead.

In his speech, the Managing Director Mr Kojo Mattah noted that T-24 core banking suite is being upgraded from the current licensing regime to unlimited licence era to give members banks unlimited access to all the components of the modern banking application.

"When completed, the U -Connect Mobile Banking application would also be upgraded to allow patrons more flexibility and choice and also aloe customers to transfer and receive funds, check balances, print/view statements and link their bank accounts their mobile money wallets which would allow them to perform push and pull transactions " Mr Kojo Mattah said.

About the expansion of the ATM Network, Mr Kojo Mattah said the Bank shall endeavour to improve the service delivery.

The ARB Apex Bank Limited was registered as a public limited liability company in January, 2000. The shareholders are the RCBs.

It was granted a banking licence in June, 2001 and was admitted to the Bankers Clearing House as the 19th member in August, 2001.

The Bank has 11 branch offices throughout the country, which are as follows: Accra, Cocoa House, Kumasi, Sunyani, Bolgatanga, Cape Coast, Takoradi, Koforidua, Hohoe, Tamale and Wa.

—myjoyonline

body-container-line