Anlo Rural Bank Rated Best

024The Anlo Rural Bank Limited has been rated the best performing rural and community bank (RCB), for the third consecutive time, in the country.

The bank has also been adjudged fourth among 135 RCBs, and first in the Volta Region by the Efficiency Monitoring Unit of the ARB Apex Bank Limited, the Chairman of Anlo Rural Bank, Larry Kwesi Jiagge, announced these at the 13th Annual General Meeting of the bank at Keta.

.He attributed the feat to the restructuring of the bank’s investment portfolio, the introduction of cost effective products and the re-allocation of its resources to ensure maximum returns.

According to Mr. Jiagge, the bank made a profit before tax of GH¢899,611 in 2013 as against GH¢377,151 in 2012, representing a 38.53 per cent increment, while gross earnings increased by 94.08 per cent against an operating expense of 61.61 per cent.

Mr. Jiagge stated that advances and investments increased by 21.14 per cent from GH¢5,426,729 in 2012 to GH¢6,574,073.00 in 2013.

Total Assets of the bank, he explained, increased by 24.58 per cent from GH¢6,541,693.00 in 2012 to GH¢8,149,542.00 in 2013, while deposits grew by 13.08 per cent from GH¢4,909,714.00 in 2012 to GH¢5,551,718 in 2013.

The bank’s advances portfolio, Mr. Jiagge said, grew by 62.60 per cent from GH¢1,041,287 in 2012 to GH¢1,693,103 in 2013, despite stiff competition from competitors, adding that “A total of GH¢2,828,338.00 was granted to customers last year as against GH¢1,421,525 disbursed in 2012.”

He said net income of the bank increased from GH¢764,671 in 2012 to GH¢1,500,377 in 2013, representing an increase of 96.31 per cent, while the bank’s paid up capital increased from GH¢296,216 in 2012 to GH¢600,000 in 2013.

As a result of the bank’s performance last year, Mr. Jiagge said the board proposed the payment of a dividend of GH¢0.20 per share, representing a total payment of GH¢70,250.50 as compared to GH¢47,648 in 2012.

The Managing Director of ARB Apex Bank, Mr. Kwadwo Aye Kusi, in a speech read on his behalf, urged the bank not to be complacent but strive harder to meet the challenges of modern banking.

According to him, in spite of the bank’s performance, there was still more room to improve, especially in areas of information and communications technology, effective mobi-lisation, cost control, and customer satisfaction.

Mr. Kusi urged the bank to adopt innovative ways to attract new customers as well as orient staff to embrace excellence in customer service, adding that any staff that excels in customer service must be adequately rewarded.  From Lawrence Akpalu, Keta

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