Asokore Rural Bank records significant growth

The cedi has been depreciating against its international peers.

The cedi has been depreciating against its international peers.

Asokore Rural Bank is showing strong growth with profit on its operation hitting GHȼ220,063.00, last year.

This represented an increase of 1,726.25 per cent over the year 2014, with a total of GH¢12,748.00.

During the period, its total assets also increased to GHȼ16,027,816.00 from GHȼ12,752,132.00.

A GNA report said Francis Nyanin, Board Chairman of the bank, announced these at the 29th annual general meeting of the shareholders at Asokore in the Sekyere East District.

He informed the bank owners that deposit rose by 32.29 per cent – from GH¢10,683,088.00 to GH¢14,132,674.00.

At the same time, investment in treasury bills and other short term securities climbed to GHȼ7,410,102.00 from GHȼ5,316,824.00 – a growth of 39.37 per cent.

He said it made available GHȼ4,391,325.00 in loans and advances to support the growth of businesses.

Compared with the previous year’s figure of GH¢2,705,119.00, this showed a 62.33 per cent increase.

Touching on the bank’s paid-up capital, he said that grew from GH¢311,959.00 to GH¢360,864.00.

Mr. George Kwaku Annor, Ashanti Regional Manager of the ARB Apex Bank, applauded the bank for the impressive performance.

He asked the board to continue to work hard to strengthen internal controls to protect customers’ deposit.

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