Odotobri Rural Bank posts 27% profit

Odotobri Rural Bank made a net profit of GH¢3,679,414 on its operations, last year, the Board Chairman, Mr. Bernard Asamoah-Boateng, has announced.

The figure, he said, represented a 27.88 per cent increase over the year 2014 total of GHȼ2,877,187.00.

Addressing the 29th annual general meeting of the shareholders in Jacobu, he said this was achieved through prudent management practices.

He told the owners of the bank that, advances and loans in support of economic activities also rose to GHȼ20,845,585.00 from GHȼ19,124,190.00 during the period.

At the same time, the bank’s share capital grew from GHȼ829,649 to GHȼ1,208,949, showing a 45.72 per cent rise.

Mr. Asamoah-Boateng indicated that there was however a significant drop in both total assets and deposits, indicating that its assets fell by 13.80 per cent while deposits decreased by 18.09 per cent, attributing the decline effect of the redundancy of some employees of Anglogold Ashanti.

He urged loan beneficiaries to pay back to enable the facility to be extended to other people.

Mr. Kwadwo Aye-Kusi, the Managing Director of the Apex Bank, in an address read on his behalf, encouraged the board and management to ensure strict internal controls.

He said such risk management measures would help to sustain the bank to achieve further growth.


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