Odotobri Rural Bank raked in more than GHc3.6 million in profits

Odotobri Rural Bank made a net profit of GH¢3,679,414 on its operations, last year, the Board Chairman, Mr. Bernard Asamoah-Boateng, has announced.

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The figure, he said, represented a 27.88 per cent increase over the year 2014 total of GHȼ2,877,187.00.

Ghana cedi
Ghana cedi
Addressing the 29th annual general meeting of the shareholders in Jacobu, he said this was achieved through prudent management practices.

He told the owners of the bank that, advances and loans in support of economic activities also rose to GHȼ20,845,585.00 from GHȼ19,124,190.00 during the period.

At the same time, the bank’s share capital grew from GHȼ829,649.00 to GHȼ1,208,949.00, showing a 45.72 per cent rise.

Mr. Asamoah-Boateng indicated that there was however significant drop in both total assets and deposits.

Its assets fell by 13.80 per cent while deposits decreased by 18.09 per cent and he said this was the result of the redundancy of some employees of Anglogold Ashanti.

He used the occasion to remind loan beneficiaries to do everything to pay back to enable the facility to be extended to other people.

Mr. Kwadwo Aye-Kusi, the Managing Director of the Apex Bank, in an address read for him encouraged the board and management to ensure strict internal controls.

They should put in place risk management measures to sustain the bank on the path of growth.

Source: GNA/News Ghana

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