Chairman of the Board of Directors of Jomoro Rural Bank, Dr. Cosmas Cobbold has stated categorically that the bank will consolidate its gains in the competitive banking environment.
Against this backdrop, the bank’s total assets grew by almost 43 per cent from GH¢4,226,524 in 2010 to GH¢6,042,326 in 2011 mainly due to an increase in deposits, investments, cash and bank balances as well as growth in the other financial indicators of the bank.
Dr. Cobbold made these remarks at the bank’s 15th Annual General Meeting (AGM) of shareholders at Tikobo No. 1 in the Jomoro District of the Western region last Saturday.
He disclosed that Jomoro Rural Bank had computerized and networked its head office and the Half Assini, Elubo, Tikobo No. 2 branches under the MiDA and ARB Apex Bank computerization project.
He mentioned that two new agencies at Aiyinasi in the Ellembelle District and that of Boinso in the Aowin-Suaman District had been inaugurated.
Despite the adoption of various interventions and prudent management policies, the Board Chairman enumerated severe competition from other banks, rapid growth of credit unions, savings and loans companies as well as loan delinquency as major challenges facing Jomoro Rural Bank.
Samuel Kofi Osei, Operation Manager of Takoradi Branch of ARP Apex Bank, who represented the acting Managing Director of Apex Bank, advised the bank to develop more products that were demand-oriented to diversify the banks income streams.
“Explore more business opportunities in micro financing and grant more quality loans and advances to your clients to sustain your operations and grow your business,” he said.
He called on rural and community banks to identify the risks and map up strategies to mitigate them, adding, “Your bank should work as a team to enable you achieve the desired results for the bank.”
FROM Sam Mark Essien, Takoradi