Akwapim Bank posts 102% profit growth

Akwapim Rural Bank Limited in the Eastern Region has recorded one of its most impressive performances since its establishment, with the highest profit in the bank’s history.

The bank’s pre-tax profit increased by 102 percent from GH¢0.563million in 2011 to GH¢1.136million in 2012 as gross earnings increased by 32 percent from GH¢3.684million to GH¢4.875million for the same period.

Mr. Edward Offei-Bokoe, Chairman of the Board of Directors of the bank, made this disclosure at its 32^nd Annual General Meeting at Mamfe-Akuapem in the Eastern Region.

He further disclosed that total assets of the bank increased by 33.6 percent from GH¢19.6million in 2011 to GH¢26.156million in 2012.

Deposits grew by 41 percent from GH¢14.680million in 2011 to GH¢20.631million in 2012.

The bank’s loans and advances recorded an appreciable growth of 22 percent from GH¢8.592million in 2011 to GH¢10.505million in 2012.

Mr. Edward Offei-Bekoe said: “The impressive performance is a clear vindication of the decision taken by the Board of Directors in 2010 to embark on a restructuring exercise including the opening of a branch in Koforidua.”  

He announced that work on a new branch-office at Nsawam is almost complete and will be ready for occupancy by the end of 2013.

In a statement read on his behalf, Mr. Kwadwo Aye Kusi, Managing Director of the ARB Apex Bank Limited, congratulated the Board, management, staff and shareholders of the bank for its performance over the years and also commended the Board for meeting its corporate social responsibilities to the community in diverse ways.

He advised the bank -- despite the achievements -- to do more by way of deposit mobilisation, cost control and reduction, and to put in place pragmatic and realistic measures including risk management, staff training, product development and customer service in the face of varied and diverse challenges in the banking industry.

Mr. Richard Addo, Head of Research & Marketing of the ARB Apex Bank Ltd. who represented the Managing Director, enumerated a number of new developments embarked upon by the bank for the benefit of all RCBs.  

These include mergers, a new western union commission structure, reduction in lending rates to RCBs, specie movement, Arch-mobile and establishment of sinking funds to take care of capital expenditure with respect to IT equipment and infrastructure.