RCBs urged to strengthen internal control and governance systems

Apex Bank Pix 1The ARB Apex Bank Limited has urged rural and community banks (RCBs) to ensure that they strengthen their internal control and governance systems, for efficient operations.

“Additionally, RCBs must adequately resource their internal audit units to effectively perform,” said Alex Kwasi Awuah, Deputy Managing Director of the bank.

He was addressing shareholders at the 33rd Annual General Meeting (AGM) of Atwima-Kwanwoma Rural Bank at Pakyi-Number-Two in the Amansie West District.

Mr. Awuah said it was also important that RCBs focused effort to improve their credit management systems to make their loan books healthy.

The ARB Apex Bank Limited is a mini-central bank for the RCBs. The bank was registered as a public limited liability company in January, 2000. The shareholders are the RCBs.

At the AGM the rural bank announced a net profit of GH¢7.19 million on its operations, last year, representing an increase of 62.46 per cent over 2014’s figure of GH¢4.43 million.

Mr. Awuah applauded the bank for the impressive performance and asked that this was sustained.

Announcing the rural bank’s performance for last year, Patrick Owusu, the Board Chairman said its total assets hit GH¢95.60 million from GH¢74.39 million, during the period.

At the same time, total deposits rose to GH¢72,341,099.81 compared with the 2014’s total of GH¢58,268,027.88.

Mr. Owusu told the bank owners that its investments in government securities grew by 29.21 per cent – from GH¢49,034,868.28 to GH¢63,358,605.60.

Loans and advances in support of the economic activities of the people also went up from GH¢15,504,378.50 to GH¢16,242,454.74, he added.

He hinted that an amount of GH¢43,735.00 had been approved to be expended on community development projects as part of its corporate social responsibility.

Mr. Stephen Sarfo-Kantanka, the Supervising Manager, encouraged the shareholders to buy more shares.

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