Agave Rural Bank progresses

The ARB Apex Bank is a mini central bank for rural and community bank in Ghana

The ARB Apex Bank is a mini central bank for rural and community bank in Ghana

Agave Rural Bank net profit before tax rose from GH₵ 369.14 in 2014 to GH₵ 901.435 in 2015, representing a 144.20 per cent increment.

Total deposits were up GH₵ 7,345.88 in 2015 from the previous year’s GH₵ 5,398. 12, recording an increase of 36.08 per cent.

Mr Francis Kwame Akoto, Board Chairman in a report at the bank’s 28th Annual General Meeting (AGM) at Dabala in the Volta Region, said total assets also increased from GH₵ 7,120.03 in 2014 to GH₵ 10,001.24 in 2015, representing a 40.47 per cent rise.

Shareholder’s equity also increased from 74.15 per cent from GH₵ 1,206.89 in 2014 to GH₵ 2,101.80 in 2015, the Board Chairman said.

Total operating income grew from GH₵ 1,933.93 in 2014 to GH₵ 3, 067.76 in 2015 and investment improved from GH₵ 1,355.81 to GH₵ 3,776.94 in 2015 accounting for 178.57 per cent up.

According to Mr. Akoto, loans and advances were up by 9.71 per cent, representing GH₵ 4,326.44 in 2014 to GH₵ 4,746.47 in 2015 while total operating expenses rose from 39.57 per cent from GH₵ 1,460.04 to GH₵ 2,037.72.

He said the bank was aiming at raising capital over and above the regulatory requirements to excite shareholder affinity and extend operational areas, to remain among the top Rural and Community Banks (RCBs) in Ghana.

It is currently ranked ninth among 111 RCBs in Ghana and first among 11 banks in the Volta Region as at December 31, 2015.

Mr Akoto said the financial entity had resolved “to remain among the strong banks and compete at that level.

He said the Agave Rural Bank with a stated capital of GH ₵ 661,537.00 as at end of December 2015, had overshot the recommended minimum capital by GH₵ 300,000.00.

Mr Akoto put the bank’s projected capital target by close of 2016 at GH₵ 700.000.00 and GH₵ 1,000,000.00 by the end of 2017.

Halima Oboshie Torto, Manager, Accra Branch, ARB Apex Bank Limited, who stood in for Kwadwo Aye Kusi, Managing Director of ARB Apex Bank, lauded the bank for its aggressive customer focus orientation.

She said the bank’s 2015 performance, a period when the economy was not favourable, was impressive, and called for the reorientation of staff to embrace excellence in customer services as a culture and not as a tool for doing business.

The meeting approved a cash dividend of GH₵ 0.01820 per share amounting to GH₵ 240,800.00 and non-cash dividend of GH₵ 0.03035 per share totalling GH₵ 401,553.00 to be fully credited as bonus issue.

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