Manya Krobo Rural Bank makes giant strides

The Manya Krobo Rural Bank has made a profit of GHȼ2,060,744.00 last year, representing 90.16 per cent increase over that of 2014.

The bank also increased its total assets from GHȼ29, 349,092 to GHȼ38, 345,770, representing 30.65 per cent during the period under review.

The Chairman of the Board of Directors of the bank, Mr. Benjamin Tetteh Apo, announced this at the 35th annual general meeting of stakeholders, at Abanse in the Lower Manya Krobo municipality of the Eastern Region.

He said the year under review was characterised by numerous challenges, key among them were the frequent power outages, rising inflation and depreciation of the cedi against the dollar and other major currencies.

However, he said in spite of the depreciation by 18.75 and 14.14 per cent against the dollar and the pounds, the shareholders fund increased from GHȼ 4,996,970 in 2014 to GHȼ 6,764,934 in 2015 representing 35.38 per cent.

He said the bank, which has been a member of the Ghana Club 100, was ranked in 58th position while on social responsibility, Mr. Apo said the bank spent GHȼ 51.890.50 on 51 brilliant but needy students at tertiary and secondary level to pursue their education.

He revealed that management had put in place a three-year strategic plan which would take the bank to the first tier of rural banking.

He assured that even in the face of a very challenging operating environment and stiff competition expected in 2016, Manya Krobo Rural Bank would maintain its culture of outstanding performance and growth.

He said the bank was monitoring the developments in the general economy of the country to ensure that it takes advantage of any opportunity that may emerge to enhance shareholders’ value.

Meanwhile, the bank has resorted to make an equity investment of GHȼ 500,000.00 representing 12.5 percent in the Eastern Lake Business School which was promoted by the shareholders of the school and is expected to reap significant value from the investment.

For his part, the Head of Human Capital at Apex Bank, Mr. Ken Owusu Twumasi commended the bank for the good performance and achievements so far.

He also urged shareholders to purchase more shares as well as investment into the bank that would enable the bank to make more profit.

From David Kodjo, Koforidua.

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