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Odotobri Rural Bank shows strong growth

By
Sampson Adu-Poku, GNA

Odotobri (Ash), Aug 17, GNA – Odotobri Rural
Bank continues to show strong growth with its total assets hitting GH¢87,504,000.00,
last year.

This represents an increase of 13.06 per cent
over the year 2015 figure of GH¢77,393,000.00.

At the same time, its share capital rose by
58.64 per cent – shot up from GH¢1,208,949.13 to GH¢1,917,880.77.

Mr. Bernard Asamoah-Boateng, the Board
Chairman, announced this at the 30th annual general meeting of the
shareholders held at Jacobu in the Amansie Central District.

He told the owners of the bank that it made a
net profit of GH¢3,960,144.00 on its operation during the period under review.

Compared with that of the previous year, this
showed a 7.63 per cent increase.

Mr. Asamoah-Boateng indicated that total
deposits also went up from GH¢62,339,299.00 to GH¢68,545,698.34.

He added that investment in treasury bills and
other short term securities climbed to GH¢40,243,523.00 from GH?38,075,059.00.

Loans and overdraft in support of the
expansion of businesses came to GH¢24,848,000.00.

He said being a good corporate citizen, it
pumped GH¢158,567.98 into community development projects.

Mr. Kojo Mattah, Managing Director of the ARB
Apex Bank, urged rural and community banks (RCBs) to strengthen their internal
controls to prevent operational losses.

They should additionally put in place adequate
measures to disable unscrupulous people from using their system to perpetuate
fraud.

GNA

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