Avenor Rural Bank sees 25 per cent growth in investment portfolio

Saturday 8th September, 2018
By Dominic Adoboli, GNA

Akatsi (V/R), Sept. 08, GNA – The Avenor Rural Bank Limited is showing strong performance with its investment portfolio going up by 25 per cent.

It rose from GH¢ 5.26 million in 2016 to GH¢ 6.58 million in 2017.

At the same time total assets of the bank increased from GH¢ 12.05 million to GH¢ 13.80 million, representing a 14.53 percent jump.

Mr Simon Nerro Kodjo Davor, the Board Chairman, said the outlook was generally good and the future could only be brighter.

He was addressing the 35th annual general meeting of the shareholders of the bank at Akatsi.

He said a key achievement was the meeting of all the Bank of Ghana’s (BoG) regulatory requirements, including the GH¢ 1 million stated capital requirement.

This, he added, meant that the bank was adequately capitalized and solvent.

Total deposits shot up by 10.40 percent from GH¢ 9.72 million to GH¢ 10.73 million during the period.

Mr. Davor said it made a profit before tax of GH¢ 312,029.00 as against the previous year’s figure of GH¢ 242,653.00.

Operational expenses however, saw a downward trend - dipping by 0.22 percent, from GH¢ 2.23 million in 2016 to GH¢ 2.22 million, in 2017.

Total incomes went up by 2.68 percent from GH¢ 2.59 million to GH¢ 2.66 million, while share equity also improved by 14.05 percent to GH¢ 1.83 million from GH¢ 1.60 million.

Mr. Davor told the owners of the bank that GH¢ 192,225.00 was spent in fixed assets acquisition and Information Technology (IT) tools for enhancement of its operations.

The bank is operating six branches and these were helping to bring banking services closer to the people, mobilizing deposits and providing microfinance support accessibility to customers.

He added that the bank remained socially responsible.

Mr Davor encouraged the people to buy more share to support its expansion and spoke of plans to go into the printing of ATM cards, Money Transfer platforms and the introduction of new products.

Mr. Curtis Brantuo, Head, Legal and Compliance, ARB Apex Bank, applauded the bank’s impressive performance and said this was indicative of prudent management of its resources.

He advised Rural and Community Banks to tighten internal control processes, to prevent fraud.

Mrs. Comfort Owusu, Executive Director - Association of RCBs-Ghana, urged RCBs to engage all available IT facilities including cellular phones for SMS alert to customers for their transactions and Automated Teller Machines (ATMs).

GNA