Afram Community Bank’s profit dip
Tease (E/R), Dec. 23, GNA- The Afram Community Bank (ACB) Limited recorded a profit of GH¢330, 348.00 in 2019 as against GH¢664,606.00 in 2018, showing a decrease of 54.35 per cent.
The bank’s income also reduced from GH¢2,577.207 in 2018 to GH¢2,451,315, representing a decrease of 4.88 per cent in the financial year under review.
This was attributed to unstable economic challenges during the period under review.
While the bank’s liability on customers’ deposits moved down from GH¢15,800,820 in 2018 to GH¢15,277,554 in 2019, representing 3.31 per cent decrease, its loans and advances also witnessed a decrease from GH¢14,875,797 in 2018 to GH¢14,258,366 in 2019, representing a decrease of 4.14 per cent.
Mr Jeffery Konadu Addo, Chairman of ACB Board of Directors, made this known during the bank’s 37th Annual General Meeting at Tease in the Kwahu Afram Plains South District of the Eastern Region.
He said the fortunes of the bank had been dwindling since 2016 and described the bank’s microfinance division as the soul of its operations, adding that, despite recording some defaulters in their operational area, it had been able to make headway.
However, he indicated that the bank had exceeded the Bank of Ghana’s minimum capital requirement by GH¢1,036,517.00 and, therefore, was doing all it could to meet up with any possible increment in future.
In line with ACB’s corporate social responsibility, he said the bank supported the Kwahu Afram Plains South District Assembly to rehabilitate the Ekye- Semanhyia road network, provided logistics to the Ghana Police Service in Tease and Donkorkrom and assisted Kwahu Afram Plains South Education Service and Health Directorate in diverse ways to boost their operations.
He said the bank also supported Persons Living With Disability (PWDs) in the district with the opening of account with initial deposits of Gh¢100.00 each to enable them secure their future together with the government’s interventions.
The bank in addition, also awarded scholarships to two best Senior High School (SHS) students from the St. Fedelis SHS to the tertiary level as well as supported Water Board, a Non-Governmental Organisation, to provide potable water for Maame-Krobo and Donkorkrom communities.
Nana Frimpong Daadum, the Eastern Regional Manager of ARP APEX Bank, commended the bank for ensuring that inspite of their challenges, it was able to support the development of communities in the Afram Plains area.
He urged Rural Community Banks to tighten their internal control systems to prevent unscrupulous persons from exploiting and urged the directors to abide by BoG’s directives in granting loans to serving directors.