The Brakwa-Breman Rural Bank, recorded a pre-tax profit of GH₵ 103,284.00 in 2015, representing an increase of 171 per cent as compared to a loss of GH₵ 145,252.00 posted in 2014.
The bank’s total deposits also improved from GH¢ 4,467,773.00 in 2014 to GH¢ 6,762,745.00 in 2015 representing 51 per cent growth.
Mr Anthony Effah, Chairman of the Board of Directors of the Bank, made this known at the 31st annual general meeting (AGM) of the bank held at Brakwa, in the Asikuma-Odoben-Brakwa District.
He stated that the bank’s total assets grew from GH¢ 6,417,071.00 in 2014 to GH₵ 8,871,301.00 in 2015, indicating an increase of 38 per cent.
The total income less total interest expense also stood at GH₵ 2,587,182.00 against GH₵ 1,780,745.00 representing 45 per cent.
Mr Effah said, the bank granted total loans of GH¢ 4,485,286.00 in 2015 as against GH¢ 3,206,575.00 in 2014.
The growth rate of the loans was as a result of expansion in Microfinance.
As part of the bank’s corporate social responsibilities, it donated 20 desks to Breman Asikuma Senior High School, 50 bags of cement to Odoben Senior High School and connected pipe borne water to Brakwa Secondary Technical School.
It also donated a LED flat screen television to the District Police Station at Breman Asikuma.
Mr Kwadwo Aye Kusi, Managing Director of the ARB APEX Bank Limited, in a speech read on his behalf, commended the bank for the success chalked out.
“Currently there are about 700 financial institutions in the country and the performance of your bank amidst this stiff competition in the financial service industry requires consistent management of your resources to achieve sustainable growth,” he said.
He urged the bank to offer innovative products and services that would pull people to the bank and improve customer service delivery to remain competitive, while providing a suitable return to stakeholders.