Nsoatreman Rural Bank makes profit

The Nsoatreman Rural Bank Limited on Saturday held its 26th Annual General Meeting (AGM) at Nsoatre in the Brong-Ahafo Region, declaring a pre-tax profit of GH¢239,349.18 for 2014.

The amount signified eight per cent increment over the 2013 pre-tax profit of GH¢221,094.28.

Mr. Kofi Agyeman, Chairman of the bank, expressed satisfaction that the bank’s loan advances increased by GH¢150,098.93, implying five per cent higher in 2014 over 2013, because the former recorded GH¢3,449,419.13 as against GH¢3,299,320.20 for the latter.

He indicated that the bank recorded GH¢938,940.13 change in deposits, representing 12 per cent increment in 2014, which was GH¢8,975,939.79, as against GH¢8,036,999.66 in 2013.

The Board Chairman disclosed that the bank increased its investments by GH¢370,835.20, signifying 11 per cent upward achievement, because whilst 2014 was GH¢3,683,276.40, it could only invest GH¢3,312,441.20 in 2013.

Mr. Agyeman said their total assets was GH¢10,690,844.51 in 2014, indicating a change of GH¢748,134.09, which was eight per cent increment over 2013 performance of GH¢9,942,710.42, adding that the bank’s share capital also shot up from GH¢293,348.43 in 2013 to GH¢322,234.15 in 2014, a difference of GH¢28,885.72, indicating an increase of 10 per cent.

In a speech delivered for him, Mr. Kwadwo Aye Kusi, Managing Director of ARB Apex Bank Limited, observed that the performance of the Nsoatreman Rural Bank in the rural banking industry amidst the stiff competition in the financial services industry in general, required consistent management of their resources to achieve sustainable growth.

Mr. Kusi, therefore, urged the bank to offer innovative products and improved customer service delivery, to remain competitive, whilst providing suitable returns to stakeholders.

GNA

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