Abokobi Area Rural Bank makes strides

The Abokobi Area Rural Bank Limited (AARBL) grew its tax after profit to GH¢449,537 in 2015. This represented a 270 per cent increase over the GH¢166,714 recorded in 2014. 

 The bank’s assets also grew from GH¢9 million in 2014 to GH¢ 12million in 2015, representing 28 per cent.

Effective cost control

Speaking to the Daily Graphic at the bank’s 24th Annual General Meeting (AGM) at Abokobi in the Ga East Municipality, its General Manager(GM), Mr James Kwaku Afanu, said the success was due to efficient use of resources, and effective cost control measures put in place by the bank.

 “We controlled cost by making sure that all elements which eat into our profit were curtailed. We had to reduce some of our allowances just to make sure that we meet our shareholders expectation in terms of payment of dividends.

“The power rationing was a challenge to us, but we put up austerity measures briefing all staff to switch off electrical   gadgets after using them, and also try to go the extra mile to control cost and increase our profit,” he said.

Dividend 

Mr Afanu said the bank had increased its dividend per share from GH¢0.323 in 2014 to GH¢0.350, and added that,” the Board has decided to issue a bonus share of one for every three existing shares, resulting in additional shares of GH¢683,975.”

He added that the bank had started mobile money transactions onto its array of services, and entreated individuals to use their outlet. 

Mr Afanu, therefore, urged stakeholders and other prospective customers to take advantage of those facilities and increase their financial fortunes.

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Commendation

In a speech read on his behalf, the Managing Director of the ARB APEX Bank, the regulators of rural banks in the country, Mr Kwadwo Aye Kusi, commended the AARBL for its achievement.

He also commended the stakeholders and customers for their commitment to the success of the bank.

Mr Kusi encouraged the board to initiate pragmatic measures, especially in the areas of information communication and technology(ICT),risk management, compliance, effective deposit mobilisation, quality control and cost control in their operations.

On that score, he appealed to stakeholders and customers to continue investing in the capital of the bank by acquiring more shares and repaying their loans on time for the bank to triumph.