Bumper Profits: Offinso Rural Bank makes over 200% hike in profits for 2015

According to him, total deposits rose from GH¢4,015,315.00 to GH¢5,077,639.00 showing a growth of 26.46 per cent. At the same time, the capital adequacy ratio climbed from GH¢346,402.00 to GH¢351,802.00.

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The Offinso Rural Bank has declared a profit after tax of GH¢94,640.48, last year, representing 209.11 per cent increase over that of the previous year, the Board Chairman, Mr. Kofi Amponsah-Boateng has said. He was addressing the third annual general meeting of the shareholders at Offinso New Town.

According to him, total deposits rose from GH¢4,015,315.00 to GH¢5,077,639.00 showing a growth of 26.46 per cent. At the same time, the capital adequacy ratio climbed from GH¢346,402.00 to GH¢351,802.00.

Mr. Amponsah-Boateng told the bank’s shareholders that during the period its assets hit GH¢6,813, 978.00 compared with the year 2013 total of GH¢6,277,618 .85. On loans, he said advances granted in support of the expansion of economic activities amounted to GH¢2, 456,242 .00. A total of 2,010 customers benefited, he added.

In addition, he said the bank undertook several cooperate social responsibilities including free breast cancer and Hepatitis B screening, donation towards the farmers’ day, refurbishment of the Offinso North District Education Office and the celebration of the ‘Mmoaniko festival’.In an address read on his behalf, Managing Director of the ARB APEX Bank Mr. Kwadwo Aye

Kusi, urged the management to stick to best practices to sustain the bank on the path of growth. It should adhere strictly to the banking regulations, strengthen internal controls and risk management - to identify, assess, monitor and control the exposure of risks which might have negative or adverse impact on the bank’s operation.

Mr. Kusi encouraged the board, management and staff to continue to work with zeal and passion to build on the solid achievements made.

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