GHANA- ARB Apex Bank Limited, the mini-central bank for Ghana’s rural and community banks, has recorded a 17% growth in its annual operating income for 2019.
The Bank made public its financial performance for the past year during a virtual Annual General Meeting (AGM), held recently at the head office.
The Bank noted that its total operating income for last year rose from US$9.53million in 2018 to US$11.25 million in 2019.
ARB Apex Bank however noted that the rise in income was achieved despite of falling interest rates that have remained a burden on the Bank’s profitability.
The Bank’s assets recorded significant growth, appreciating by over 47% percent to hit the US$100 million mark, up from the total value of US68.33 million recorded in 2018.
ARB attributed the sharp growth to a rise in deposits and revaluation of the head office building whose value went up by over US$4.11 million.
The Bank’s deposits also grew by 43% from US$59.10 million in 2018 to US$84.68 million in 2019.
Loans and advances also recorded a growth of 64%, rising from US$6.55 million in 2018 to US$10.76 million in 2019.
The rise in loans was mainly due to the extension of more credit and liquidity support to RCBs for on-lending to their customers, ARB said.
Profit before tax also recorded a moderate growth of 10%, from US$0.16 million in the previous year to US$0.17 million in 2019.
During the virtual AGM, Chairman of the Board of Directors, Dr. Toni Aubynn, encouraged shareholders of Rural and Community Banks (RCBs) which have not as yet met the new Regulatory Minimum Capital of GH¢1million to work harder to shore-up their capital reserves.
Managing Director of ARB Apex Bank, Mr. Kojo Mattah, explained that the bank was tirelessly working towards completing all preparatory works to launch the much-awaited World Bank-funded Agency Banking.
Mr. Mattah revealed that the agency banking will be rolled out in three phases adding that phase-one was comprised of the Data Centre upgrade, for which a contract has already been awarded.
The second phase according to Mr. Mattah, involves procurement of equipment that has already gone through the various stages.
He concluded by assuring all shareholders converged virtually that the project will culminate in the phase-three before the end of the year.
The ARB Apex Bank Limited is a “mini”-central bank for the Rural & Community Banks (RCBs).
The Bank was registered as a public limited liability company in January, 2000. The shareholders are the RCBs.
Liked this article? Subscribe to DealStreet Africa News, our regular email newsletter with the latest news, deals and insights from Africa’s business, economy and more. SUBSCRIBE HERE