Gideon D. Ebbah, GNA
Asokore (Ash), Jan 13, GNA - The Asokore Rural Bank, headquartered at Asokore, the district capital of the Sekyere East in the Ashanti Region, posted an impressive performance in year 2018, accruing GH¢ 29,567,485.00 total assets as against GH¢ 25,116,312.00 in 2017.
This represented an 18 per cent increase in the Bank’s total assets for the year under review.
Mr. Francis Nyanin, the Board Chairman of the Bank who disclosed this at the 32nd General Meeting of the Bank at Asokore, said the Bank’s stated capital for the same year also went up by 14 per cent from the previous year (2017).
This, he said, exceeded the Banks of Ghana’s new minimum capital requirement of GH¢1,000,000.00 for rural banks and attributed the feat to prudent measures instituted by the Bank such as; strategic engagement and mobilization of deposits/shares of shareholders as well as the bank’s own investments.
“It also showcased how our Bank is well– resourced, serving as one of the well-capitalized rural banks in the country,” he added.
Apart from these, Mr. Nyanin said the Bank also recorded a 20 per cent increase in total deposits mobilized in 2018 - GH¢ 24,989,493.00 as against GH¢ 20,780,892.00 in 2017.
Touching on the total investments, he said, this rose by 26 per cent in year 2018.
Mr Noble Godfred Frank Opoku, the General Manager of the Bank, said as part of the Bank’s Corporate Social Responsibility (CSR), an amount of GH¢15,268.00 was donated to the development of the Asokore Traditional Area and its operational zones.
The stated amount went into the Farmers’ Day celebration of the Sekyere East District, Churches and Islamic support as well as scholarships for brilliant but needy students in the District and the entire operational zones of the Bank.
Other areas that received support from the CSR money, included education delivery, community development including the provision of street lights to the Asokore and Dadease communities in the Sekyere East and Sekyere Kumawu Districts respectively, among others.
In an address read on his behalf, Nana Dr. Susubiribi Krobea Asante – Paramount Chief of the Area and founder of the Rural Bank, commended the management and board for the impressive performance and urged continuity in the prudent management to ensure growth, profitability and sustainability of the Bank.