Asutifi Rural Bank records marginal dip in profit

Business News of Friday, 6 February 2015

Source: Graphic Online

Ghana Cedis 19Nov2010

The Asutifi Rural Bank at Acherensua in the Brong Ahafo Region recorded a dip in its profit before tax from GH¢170,383 in 2012 to GH¢169,619 in 2013.

The situation, according to the bank, was due to some major challenges such as an increase in its operational cost caused by the frequent power outages.

However, on other fronts, the bank recorded a considerable improvement in its operations in the year under review.

The Chairman of the Board of Directors, Mr Anthony Yaw Oppong, at the bank’s 26th annual general meeting at Acherensua, said the bank did not only increase its deposit from GH¢2,918,389 to GH¢3,412,087 in the year under review but its capital base also rose from GH¢243,733 to GH¢247,171.

He stated that the bank increased its treasury bill from GH¢1,597,573 in 2012 to GH¢1,850,651 in 2013 while its total assets shot up from GH¢4,079,227 to GH¢5,098,515 during the same period.

Mr Oppong gave an assurance that the board would continue to work hard to improve capacity building, technological advancement and the adoption of best practices.

He also announced that the bank had introduced and was now delivering e-zwich and other money transfer products such as MoneyGram, Western Union and the re-packaged Apex-Link.

In an address read on behalf of the Managing Director of the ARB Apex Bank, Mr Ayeh Kusi by Mr Mark Odoi Adjei, a director of the bank, he said the Asutifi Rural Bank maintained its position of satisfactory in the 2014 quarter report, which implied that the performance of the bank was good.

According to him, the transformation and modernisation of the banking industry required continuous training of the staff to upgrade their knowledge and skills to enable them to fit into the new ICT-based banking environment as well as the stiff competition in the industry.

Mr Ayeh, therefore, called for re–orientation of all members of staff to embrace excellence in customer service as a culture and not as a tool for doing business.

The Supervising Manager of the bank, Mr Joseph Arko Koomson, said the construction of the head office building was progressing steadily.

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