Ada Rural Bank posts over GH¢290,000 in profit

The Ada Rural Bank made significant gains in assets growth, investments and deposit mobilisation between 2014 and 2015, posting a profit of 296,837 cedis which represented 72 percent over the 171,996 cedis made in 2014.

Total assets increased by 31.3 per cent from 10.9 million cedis to 14.3 million cedis as deposits grew by 35.6 per cent from 8.6 million cedis to 11.6 million cedis.

Mr D.N. Sabah, Chairman Ada Rural Bank, who disclosed these at the Bank’s annual general meeting in Kasseh in the Greater Accra Region, said “Investment in Treasury Bills and other government papers increased by 53.1 per cent from 2.99 million cedis to 4.5 million cedis while total Shareholder’s Fund also increased by 17 per cent, from 1.037 million cedis to 1.214 million cedis.”

According to him, loans and other forms of credit increased from 4.98 million cedis to 5.8 million cedis at the end of 2015.

Mr Sabah said with a paid up of 589,289 cedis as at the end of 2015, the Bank has already complied with the minimum capital requirement for 2015.

“Over the years, the Bank has issued bonus shares to its shareholders and made various transfers from Income Surplus Accounts to beef up its capital base.

He said within the next six months, the Board intends to invite prominent indigenes of Ada to a special investors’ forum aimed at raising more capital for the Bank.

According to him, the bank’s expansion programme is on course as it has completed its Sege branch building and has identified Middle East (Ashaiman) and Adjei Kojo (Ashaiman) and Ada Foah to plant other branches.

With support from the ARB Apex Bank, the bank is installing an Automated Teller Machine (ATM) on the premises of the Head Office to make it more convenient for customers to do business.

“We have scaled up the use of e-Zwich in our catchment areas in collaboration with the Ghana Interbank Payment and Settlement System (GHIPSS). We are preparing to automate our “susu” operations in collaboration with the ARB ApexBank so as to achieve more efficiency in the scheme”, he said.

According to Mr Sabah, the Bank offered support to a number of institutions including the Ada Asafotufiam Planning Committee, Farmers’ Day celebrations in both Ada Est and Ada West Districts as part of its corporate social responsibility.

Ms Halima Oboshie Torto, Manager, Accra Branch, ARB Apex Bank, who represented the Managing Director of the Bank, commended the Ada Rural Bank for the its impressive progress in all areas of operation.

She encouraged management of the Bank to develop tailor made products for the many tourist attractions in its catchment area.

A dividend of 0.02 Ghana cedis which would cost 80,728 Ghana cedis was accepted.

 

Source: GNA

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