The Efficiency Monitoring Unit of the ARB Apex Bank has commended the Bawjiase Area Rural Bank Limited (BARB) in the Central Region, for its impressive performance for the first and second quarters of 2016.
In spite of the operating challenges, the bank posted profit before tax of GH¢1,542,445 in 2015 as against GH¢1,152,500 in 2014, representing 33 per cent growth.
The assets of the bank increased from GH¢21,237,233 in 2014 to GH¢26,959,680 in 2015 denoting a growth of 26. 9 per cent, while the operating income went up by 12 per cent from GH¢4,186,782 in 2014 to GH¢4,444,301 in 2015.
Addressing the 26th annual general meeting of the bank held at Bawjiase on Saturday, the Managing Director of the ARB Apex Bank, Kwadwo Aye Kusi, in a speech read on his behalf advised the management not to be complacent but “to continue to press the forward button in order to get to the top”.
The MD of ARB Apex Bank whose address was read for him by Francisca Attipoe, Deputy Head of Human Capital of the bank, appealed to the shareholders to continue to invest in the capital of the bank whose stated capital stands at GH¢2,045,087, far in excess of the GH¢500,000 minimum stated capital requirement for 2016.
Mr. Kusi urged the bank to re-orient its staff to embrace excellence in customer care and expose staff to modern training opportunities to appreciate contemporary banking practices.
He also advised rural and community banks to create the right control environment in order to minimise operational losses and put measures to prevent criminals from using their system to perpetrate crime.
The ARB Apex Bank MD urged the banks to take steps to amend their regulations to be in compliance of Regulation 10(i) of the legislative Instrument 1825 of the ARB Apex Bank Limited Regulation, 2006.
Earlier in an address, the Board Chairman of BARB, Emmanuel Osei, said the impressive operational results of the bank were as a result of prudent measures put in place by the board and management.
On behalf of the bank, an amount of GH¢240,000 was proposed for the payment of dividend, to which the shareholders took a resolution to transfer to beef the stated capital.
Mr. Osei said an appropriation of GH¢28,342 had been made into the bank’s scholarship fund to support needy but brilliant students, while GH¢16,626 was used for corporate social responsibility.
The President of the Central Regional branch of the Apex Bank, Roland Arhin, expressed concern about the distressed situation of some rural and community banks, necessitating mergers in order to stay afloat.
From Salifu Abdul-Rahaman, Bawjiase