Citizens Rural Bank Makes Huge Profit

News & Reports
Accra, Aug. 30, GNA - Dr Sam Asomaning, the Chairman of the Citizens Rural Bank based at Nsawam has increased its profit from GH¢111,626.00 in 2013 to GH¢574,304.00 in 2016- this being a 400 per cent increase.

He said the assets and investment of the bank grew just about two-fold and earnings per share increased from 0.56 to 2.46 which stood at over 300 per cent during the four-year period.

Dr Asomaning said during the bank's 8th Annual General Meeting which also marked the 10th Anniversary of the bank.

He said total deposits increased from GH¢2,364,011.00 to GH¢5,740,304.00 with a percentage growth of 170 while loans and advances went up from GH¢1,277,008.00 to GH¢3,944,908.00 which stood at 209 per cent during the period.

Dr Asomaning said judging by the figures for 2017 'we are confident that we will attain the ten million Ghana cedis deposit mark in the very near future.'

He said the Credit Recovery Unit of the bank was making headway in the loan recovery as the total assets grew from GH¢2,752,140.00 to GH¢7,450,330.00.

He said the bank also acquired an additional pickup truck, upgraded computers and renovated the offices of the bank.

The Chairman said the shareholders fund went up from GH¢347,809.00 to GH¢1,478,949 and paid-up capital increased from GH¢197,545.00 to GH¢522,604.00 during the four years, adding that this was due to the bank's intensive drive to meet the Bank of Ghana's capital requirement by the end of 2017.

He said: 'We can faithfully report that as at August 2017, we have raised the capital to GH¢ 918,204. We thank all shareholders both new and old who have bought shares during this drive.'

He said the bank still needed GH¢81,796.00 to meet the requirement and appealed to the shareholders and the public to buy more shares to help move the bank forward.

Dr Asomaning said the Efficiency Monitoring Unit of the ARB Apex Bank has ranked the Citizens Rural Bank as strong in the past five years.

'At the most recent ARB Awards Night the bank was chosen as the best rural bank in mobilization. This shows that the bank has been well managed and has been making good progress,' he said.

The bank has opened mobilization centres at Adeiso, Kotoku and Pakro.

Dr Asomaning commended the Board, the Management and the staff of the bank for the remarkable performance over the years while expressing gratitude to the Bank of Ghana, Apex Bank and the Association of Rural Banks for their support.