Nsoatreman Rural Bank records growth

Nsoatreman Rural Bank in the Sunyani West District witnessed significant fiscal growth in 2017, with its total deposits jumping from GH¢13,130,428.41 to GH¢18,422,823.71, an increase of 40 per cent.


The achievement, according to management of the bank was a result of the good strategies put in place and the improved working relationship between customers, staff and management.


Mr Kofi Agyeman, the Board Chairman of the Bank who disclosed this said the bank’s total assets also increased from GH¢15,413,531.97 in 2016 to GH¢21,583,119.86 in 2017.


Speaking at the 29th Annual General Meeting of Shareholders of the bank held at Nsoatre, the Board Chairman commended management and staff of the bank for the hard work and praised customers for their loyalty.


He observed that the Ghanaian economy in general saw tremendous growth in 2017, which positively impacted on and enhanced its operations indicating that advances portfolios of the bank increased by 37 per cent from GH¢4,802,233.05 to GH¢6,558,615.56.


The bank’s investment portfolio also increased by 28 per cent from GH¢109,506.10 to GH¢7,803,352.08, whilst as at now its share capital stood at GH¢1,148,000.00.


Profit before tax however recorded a decrease of 2.4 per cent over the 2016 figure of GH¢314.746.99, Mr Agyeman added.


He explained that despite the implementation of the free Senior High School programme, the bank’s scholarship scheme continued to support brilliant and needy children, as a way to cushion customers in the acquisition of basic materials for their children.


Mr Alex Kwasi Awuah, the Deputy Managing Director of ARB Apex Bank, praised the bank for its achievement in meeting the Bank of Ghana’s required investment capital of GH¢1 billion, and advised its shareholders to increase their shares as well.


He also entreated customers to endeavour to pay back their loans at stipulated periods to keep the bank in operation.


Mrs Agnes Grimmon Intsiful, the General Manager of Nsoatreman Rural Bank assured customers of excellent banking services and urged to remain loyal to the bank.


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