Jomoro Rural Bank records increase in total assets

The total assets of Jomoro Rural Bank (JRB) Limited at Tikobo Number One in the Western Region, went up to GHȼ12,955,662.00 last year from GHȼ 10,037,800.00 in the previous year.

The amount recorded in 2015 represents an increase of 22.52 per cent over the 2014 figure.

The Chairman of the Board of Directors of the bank, Professor Cosmas Cobbold said apart from that, total income increased to

GHȼ 2,751,345.00 in 2015 from GHȼ 2,081,917.00 in 2014.

This represents an increase of 32.15 per cent in 2015 as compared to 28.02 per cent in 2014.

A GNA report said Prof. Cobbold announced this at the 19th Annual General Meeting (AGM) of shareholders of the bank at Tikobo Number One, declaring a profit before tax which was 122.52 per cent over the previous year’s amount of GHȼ 1118,272.00.

Prof. Cobbold said that the bank total deposit also moved from GHȼ 8,763,505.00 in 2014 to GHȼ 11,359,625.00 in 2015, adding that the achievement was as a result of “prudent investment, aggressive loans recoveries and innovative ideas” of the directors and managers of the bank.

He said the bank made advances to customers in the sum of GHȼ 4,047,398.00 in the year under review as against GHȼ 3,634,613.00 the previous year, while its investments increased from GHȼ4,000, 000.00 to GHȼ 500,000.00.

Prof Cobbold said the bank’s paid-up capital increased from GHȼ193,992.00 in 2014 to GHȼ 309,422.00, representing 59.50 per cent of the previous figure, thus meeting the Bank of Ghana’s (BoG) directives to rural and community banks in the country to increase their minimum paid-up capital from GHȼ 50,000.00 to GHȼ 300,000.00 by December 31, 2015.

This, he said, had been possible due to pragmatic measures the board put in place at the last AGM, which proposed that directors, management staff, staff and shareholders increase and acquire new shares, to address the situation.

He however expressed concern that, whilst directors, management and staff of the bank had increased their shares accordingly, only five out of 4000 shareholders of the bank have bought additional shares.

The board chairman appealed to shareholders of the bank to endeavour to buy more shares to prevent the BoG from merging the bank with another bank in future.

Prof. Cobbold said under the bank’s cooperate social responsibility a total of GH₵ 8,107.22 was spent on the provision of various forms of assistance to about 16 institutions, communities and associations in its catchment area.

Some of the beneficiary institutions include the National Association of Nzema Students of the University of Cape Coast and Takoradi Polytechnic, Tikobo No. 1 Community, Jomoro and Ellembele District Assemblies Farmers Day, Western Nzema Traditional Council (WNTC) and Annor Adjaye Senior High School Cadet Corps, Ezinlibo.

Mr. Kodwo Aye Kusi, Managing Director of Association of Rural Banks (ARB) Apex Bank Limited, in a speech read on his behalf indicated that JRB Limited had been classified as a “Satisfactory Rural Bank” in the country following this year’s second quarter “Efficiency Monitoring Unit” of Apex Bank report.

He appealed to shareholders of the bank to buy more shares to propel it to greater heights in future.

Two customers and seven staffs of the bank were awarded for their outstanding performances and long services.

 

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