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ECONOMICS

Kintampo Rural Bank commended for outstanding performance

The ARB Apex Bank Ltd, the supervisory bank of rural/community banks has commended the Kintampo Rural Bank Ltd for its outstanding performance 2016/17 and meeting the minimum capital requirement of GHC1000000.00.

Date Created : 6/25/2018 1:41:36 PM : Story Author : Rufina Yuoni/Ghanadistricts.com

The Rural Bank also made a profit tax increase from GHC1, 752,021 in 2016, to a position of GHC1, 862,460 in 2017.

This was made known by Mr. Mark Odoi Adjei, the Sunyani Brach Manager of ARB Apex Bank Ltd in a speech read on behalf of Mr. Kojo Matta the ARB Apex Bank Ltd Managing Director during the 33rd Annual General Meeting of Kintampo Rural Bank Ltd.

He noted the bank has maintained its position as ‘strong bank’ based on the 2018 first quarter report of the Efficiency Monitoring Unit (EMU) of the Apex bank. “This implies that the performance of the Bank was good and sound in all indicators”, he said.

He commended the Bank for meeting its capital requirement. He however share mobilization strategies to attract founds to shore up the minimum capital requirement.

Mr. Mark Odoi Adjei, Sunyani Reg. Branch Manager of ARB Apex Bank Ltd delivering a speech on behalf of ARB Apex Bank Ltd Managing Director

On risk management, Mr. Kojo Matta advised staff and management of the bank to ensure effective risk management and vigilance. He noted that effective risk management and vigilance have become more pressing in view of the technological intervention in the operation of Rural and Community Banks (RCBs) and the entire financial sector.

The Managing Director urged advised the bank to re-orientate all staff to embrace excellence in customers and to withstand the pressure of increased competition.

Torching on Mobile Money inter-operability project by the Ghana Interbank Payment and Settlement System (GHIPSS). The Managing Director said the service will allow funds transfer from linked bank accounts to mobile money wallets and vice versa.

He noted that it requires RCB customers provide registered numbers of Mobile Networked Operators (MNOs) to be linked to their accounts to enable them benefit from the service.

Mr. Yaw Effah Baafi the Board chair of the Kintampo Rural Bank Ltd in his address said the total assets grew by 19.87% from GHC27.455 million in 2016 to GHC32.912 million in 2017. Loans and advances portfolio grew from GHC9.678 million in 2016 to GHC10.932 million in 2017, creating an income of GHC12.95%.

He noted that the bank generated a total operating income of GHC6.570 million in 2017 compared to GHC5.972 million in 2016.

Mr. Yaw Effah Baafi send during the year, an amount of GHC47, 175.00 was spent on corporate social responsibilities compered to GHC29, 215 in 2016.

The chair noted that the Board has approved five year strategic plan which covers the period from 2018 to 2022 to extend it operation to Sunyani and Kumasi.

He pronounced that the Bank of Ghana has given approval for the opening of a mobilization center at Babatokuma which has started already.

The bank, he added would commission two (2) ATMs in the course of the year 2018 as introduce innovative digitized banking products and services as well.

The vice president of Rural banks in Brong Ahafo Region Alhaji Yakubu congratulated the Board and Management for their 33years in banking experience and excellence performance. He stated that Kintampo Rural Bank has become a training school for recruitment of staff to the other rural banks.

Mr. Yakubu also said customers who took loans from the bank should always make sure they pay on time to enable others benefit.