The Chairman of the Board of Directors of the Ga Rural Bank (GRB), Nana Bram Okae II, says the bank’s balance sheet is healthy “despite the turmoil arising from the banking sector reforms.”
He said the bank’s profit margin improved in 2019 from 2018’s GHC127,615 to GHC181,073, representing 41 per cent leap.
Addressing shareholders at the bank’s annual general meeting in Accra on Saturday Nana Bram Okae II said “our balance sheet remains robust, liquid, well capitalised and solvent”.
According to Nana Bram Okae II, the asset stock of the bank also increased from GHC52,989,720, a 14.27 per cent growth from the GHC46,372,763 recorded in 2018.
This growth, he said, was largely driven by a 13.11 per cent increase in customer deposits which attests to the strong liquidity position of the bank.
Furthermore, Nana Bram Okae II reported that the bank also recorded a 15.74 per cent increase in operating income to GHC10,056,469 from the GHC8,696,550 recorded in 2018.
Regardless of the progress, Nana Bram Okae II urged shareholders to increase their investment in the bank and also “continue to sell the bank to friends and family members to buy more shares to increase our capital base.
“We dare say that your bank is a well capitalised bank with a strong balance sheet.”
The Managing Director of ARB Apex Bank Limited, Kojo Mattah, in a statement read on his behalf commended the bank for the achievement.
He cautioned the bank against venturing into higher risk investments which have the potential to roll back the steady progress it was making.
BFROM JULIUS YAO PETETSI, AMASAMAN