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.

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Source: GNA

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Mr. Patrick Owusu, the Board Chairman, said this represented an increase of 62.46 per cent over the previous year’s figure of GH¢4.43 million.

Addressing the 33rd annual general meeting of the shareholder at Pakyi-Number-Two in the Amansie West District, he announced that its total assets hit GH¢95.60 million from GH¢74.39 million, during the period.

At the same time, total deposits rose to GH¢72,341,099.81 compared with the 2014’s total of GH¢58,268,027.88.
Mr. Owusu told the bank owners that its investments in government securities grew by 29.21 percent – from GH¢49,034,868.28 to GH¢63,358.605.60.

Loans and advances in support of the economic activities of the people also went up from GH¢15,504,378.50 to GH¢16,242,454.74, he added.

He hinted that an amount of GH¢43,735.00 had been approved to be expended on community development projects as part of its corporate social responsibility.

Mr. Alex Kwasi Awuah, Deputy Managing Director of the AEB Apex Bank Limited, applauded the bank for the impressive performance and asked that this was sustained.

He urged the rural and community banks to make sure that they strengthened their internal control and governance systems, for efficient operations.

He again asked that they adequately resourced their internal audit units to effectively perform.

It was also important that they focused effort to improve their credit management systems – to make their loan books healthy.

Mr. Stephen Sarfo-Kantanka, the Supervising Manager, encouraged the shareholders to buy more shares.

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Source: GNA

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