In spite of the economic challenges facing the country which has led to increase in business operating cost, the Odwenanoma Rural Bank made a profit after tax of GHC336,104.00 last year as against GhC175,560.00 in 2013.
The current share capital of the bank is GHC353,552.00, which exceeds the minimum stated capital of GHC300,000.00 as required by the bank of Ghana.
This was revealed in an address read on behalf of the Chairman of the Board of Directors of the bank, Mr Emmanuel Kwame Ofori, at the 19th Annual General Meeting of the bank at Abetifi.
He said with the declaration of 80 per cent profit, the bank paid a dividend of 0.0080 pesewas per share to its shareholders last year.
The Board Chairman said the bank’s investment went up from GHC784,492.00 in 2013 to GHC3,512,423.00 in the year under review, an increase of 26.14 per cent.
He attributed the bank’s remarkable achievement to “management and the board’s good corporate governance, procedures and practices, maintenance of good internal control and compliance with all legal requirements.”
In an address read on his behalf, the Managing Director of ARB Apex Bank, Mr Kwadwo Aye Kusi, noted that, there was keen competition in the banking sector and called for innovative ways of doing business to retain existing customers and win new ones.
He therefore urged rural banks to develop products that would meet the needs of their customers and also advised staff to handle their customers with care to retain them. GNA