Odotobri Rural Bank makes gains
The Odotobri Rural Bank at Jacobu in the Amansie Central District of the Ashanti Region posted an impressive operational performance in the financial indicators in 2013.
The bank posted a net profit of GH¢2.5 million in the period as against a little over GH¢1.6 million in the previous year, representing a growth of 56.94 per cent..
The bank recorded a total deposit of about GH¢39 million as against about GH¢33.8 million in 2012, representing 15 per cent growth. This was due to the intensified mobilisation drive pursued by directors and management coupled with the ever increasing public confidence in the bank.
The Chairman of the Board of Directors, Mr Ben Asamoah Boateng, announced this at the 27th Annual General Meeting of shareholders held at the Nana Adu Darko Community Centre at Jacobu in the Ashanti Region.
According to him, the year under review was a difficult one as a result of a number of challenges posed by the operating environment. Some of these challenges, he mentioned, included competition from foreign banks which have been licensed to do business in Ghana. He added that the spillover effect of the global economic down-turn and the power crisis also had an undesirable effect on the activities of the bank.
The directors of the bank recommended dividend payment of GH¢0.0045 per share.
The bank also offered assistance to communities and institutions within its operational area in terms of community development projects. A total amount of GH¢58,064.10 was spent as part of the bank’s corporate social responsibility to support socio–economic activities.
During the year, GH¢22,250.00 was granted to brilliant, needy students in the bank’s catchment area to enable them to pursue various courses of study in the country’s universities, polytechnics and second cycle institutions.
The bank was adjudged the CIMG Rural Bank of the year 2012 by the Chartered Institute of Marketing, Ghana (CIMG) and also maintained its membership of the Ghana Club 100.
The Chief Executive Officer of the bank, Siaka Baaba Ahmed, in an interview said he and his management team would continue to pursue policies aimed at maximising profit and giving exceptional customer satisfaction.