Afram C’nity Bank exceeds minimum capital requirement

Mr Kojo Mattah

Mr Kojo Mattah

The Afram Community Bank Limited has exceeded the Bank of Ghana’s (BoG) minimum capital requirement of GH¢1,000,000.00 by Gh¢336,047.00 as at December 2017.

 

Mr Jeffery Konadu-Addo, Chairman of the Board of Directors of the bank, disclosed this during the 35th Annual General Meeting (AGM) held at Tease in the Kwahu Afram Plains South District.

He said despite the economic challenges facing the banking sector in recent times, the bank was able to make a profit of GH¢612,519.00 in the year under review as against GH¢127,967.00 in 2016.
Mr Konadu-Addo said the bank deposit grew by GH¢11,143,275 in 2017 as against GH¢7,370,199 in 2016.
The bank’s total assets also grew marginally by GH¢13,788,337 in 2017 as against GH¢9,575,854 in 2016, representing 44 per cent.
Mr Konadu-Addo described the bank’s microfinance sector as the soul of its operations.
In a speech read on behalf of the Managing Director of ARP Apex Bank Limited, Mr Kojo Mattah called on Rural and Community Banks (RCBs) to tighten their internal control process in order to prevent unscrupulous persons from exploiting the weak systems to the disadvantage of the banks.

He urged the directors of the bank to abide by the Bank of Ghana (BOG) directives in granting loans to serving directors.

Mr Mattah entreated the banks to deploy technology in their activities since that has become the key driver of products, services and processes in the contemporary banking industry.GNA

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