The Managing Director of the ARB Apex Bank, Alex Kwasi Awuah, has lauded the Manya Krobo Rural Bank for the tremendous growth it has chalked up, even in these challenging times.
He said with profit before tax growing from GH¢622,486 in 2020 to GH¢3.86 million, in 2021 which represented a 520 per cent jump, total assets from GH¢104.54 million to GH¢122 million, an increase of 17 per cent, and loans and advances increasing from GH¢22.61 million to GH¢27.44 million, all within the same period, there was no doubt that the bank was on the right trajectory
In a speech read on his behalf by the Head of Legal Department of the ARB Apex Bank, Curtis William Brentuo, at the 41st Annual General Meeting (AGM) of the Manya Krobo Rural Bank at Odumase-Krobo in the Lower Manya Krobo Municipality in the Eastern Region, Mr Awuah said, ‘‘We have also observed that your investments in property, plants and equipment also reduced by 2.69 per cent from GH¢5.95 million in 2020 to GH¢5.79 million in 2021.
“What is even more refreshing is that as the Manya Krobo Rural Bank’s fortunes continue to improve, it has been dedicating a good proportion of profits towards the provision of social interventions in the communities in which it operates as investments in corporate social responsibility (CSR) grew by a whopping 75 per cent from GH¢90,344 in 2020 to GH¢157,934 in 2021.’’
He congratulated the directors and managers as well as shareholders and customers for ensuring that the bank continued to grow throughout the turbulent COVID-19 pandemic era.
‘‘ARB Apex Bank will continue to support Manya Krobo Rural Bank in every way possible to ensure it remains one of the most profitable in the banking industry,’’ he assured.
Mr Awuah said the implementation of a new four-year strategic plan for Rural and Community Banks (RCBs) had been approved by the Board of Directors of the Apex Bank.
He said the plan was meant to bring fresh impetus and renewed vigour to the operations of the banks to enable them to serve their customers better.
The chairperson of Board of Directors of the Manya Krobo Rural Bank, Mercy Mamle Tetteh, said the bank’s commitment to society was reinforced by their willingness towards meeting the expectations of the communities in which the bank operated.
She said in 2021, the bank made several donations to organisations and institutions as part of its corporate social responsibility.
The Konor of Manya Krobo, Nene Sakite II, praised the management and shareholders for sustaining fail interest in the bank which was benefiting the entire Krobo community.