The Ada Rural Bank made significant gains in assets growth, investments and deposit mobilisation between 2014 and 2015, posting a profit of GH¢296,837 which represented 72 per cent over the GH¢171,996 made in 2014.
Total assets increased by 31.3 per cent from GH¢10.9 million to GH¢14.3 million as deposits grew by 35.6 per cent from GH¢8.6 million to GH¢11.6 million.
A GNA report said D.N. Sabah, Chairman of the bank, disclosed these at the bank’s annual general meeting in Kasseh in the Greater Accra Region,
He said, “Investment in treasury bills and other government papers increased by 53.1 per cent from GH¢2.99 million to GH¢4.5 million while total shareholder’s fund also increased by 17 per cent, from GH¢1.037 million to GH¢1.214 million.”
According to Mr. Sabah, loans and other forms of credit increased from GH¢4.98 million to GH¢5.8 million at the end of 2015.
Mr. Sabah said with a paid-up of GH¢589,289 as at the end of 2015, the bank has already complied with the minimum capital requirement for 2015.
“Over the years, the bank has issued bonus shares to its shareholders and made various transfers from income surplus accounts to beef up its capital base.
He said within the next six months, the board intends to invite prominent indigenes of Ada to a special investors’ forum aimed at raising more capital for the bank.
Mr. Sabah said the bank’s expansion programme is on course as it has completed its Sege branch building and has identified Middle East (Ashaiman) and Adjei Kojo (Ashaiman) and Ada Foah to plant branches.
With support from the ARB Apex Bank, the bank is installing an automated teller machine (ATM) on the premises of the head office to make it more convenient for customers to do business.
“We have scaled up the use of e-Zwich in our catchment areas in collaboration with the Ghana Interbank Payment and Settlement System (GHIPSS). We are preparing to automate our “susu” operations in collaboration with the ARB ApexBank so as to achieve more efficiency in the scheme,” he said.
According to Mr. Sabah, the bank offered support to a number of institutions including the Ada Asafotufiam Planning Committee, Farmers’ Day celebrations in both Ada East and Ada West districts as part of its corporate social responsibility.
Ms. Halima Oboshie Torto, Manager, Accra branch, ARB Apex Bank, who represented the Managing Director of the bank, commended the Ada Rural Bank for its impressive progress in all areas of operation.
She encouraged the management of the bank to develop tailor-made products for the many tourist attractions in its catchment areas.
A dividend of GH¢0.02 which would amount to GH¢80,728 was accepted.