By
Eunice Tekie Tei, GNA
Tease (E/R), Dec.
11, GNA – The Afram Community Bank (ACB) recorded a profit of GH¢664,606.00 in
2018 as against GH¢691,014.00 in 2017, a decrease of 3.8 per cent, which has
been attributed to unstable economic challenges.
However, the Bank
grew its income from GH¢2,848,807 in 2017 to GH¢3,804,996, representing an
increase of 33.5 per cent in the financial year under review.
Its liability on
customers’ deposits also moved up from GH¢11,143,275 in 2017 to GH¢15,800,820
in 2018, representing 41.79 per cent rise.
In addition, loans
and advances of the Bank grew from GH¢8,410,637 in 2017 to GH¢14,875,798 in
2018, representing an increase of 76.8 per cent.
Mr Jeffery Konadu
Addo, the Chairman of ACB Board of Directors, made this known during the Bank’s
36th Annual General Meeting at Kwahu Afram Plains South District of
the Eastern Region.
He described the
Bank’s microfinance division as the soul of its operations, adding that,
despite recording some defaulters in their operational area, it had been able
to make headway.
Mr Addo said the
Bank had exceeded Bank of Ghana’s Minimum Capital requirement by GH¢536,287.00
and, therefore, was doing all it could to meet up with any possible increment
in the near future.
In line with ACB’s
corporate social responsibility, it supported the Kwahu Afram Plains South
District Assembly to rehabilitate the Ekye- Sekeyere road.
It also provided
logistics to the Ghana Police Service in Tease and Donkorkrom and assisted
Kwahu Afram Plains Education Service and Health Directorate in diverse ways to
boost their operations.
Mr Addo said it also
supported Water Board, a Non-Governmental Organisation, to provide potable
water for Maame-Krobo and Donkorkrom to address water shortages in the
communities.
Mr Kojo Mattah, the
Managing Director of ARP Apex Bank Limited, commended the ACB for ensuring that
in spite of the unstable economy it was able to make profit.
He spoke on the need
for Rural Community Banks to tighten their Internal Control Process to prevent
unscrupulous persons from exploiting them.
He urged the
Directors to abide by BoG’s Directives in granting loans to serving directors.
Officials of the
Bank were entreated to deploy technology in their activities to drive their
products, services and processes as done in the contemporary banking industry.
GNA
