Ghana: Avenor Rural Bank’s microfinance support applauded
Akatsi, GNA -The ARB Apex Bank has applauded the Avenor Rural Bank for achieving over 133% jump in micro finance support for small scale businesses and agriculture in 2011.
The Gh¢ 406,000.00 support from Gh¢ 174,000.00 in 2010 has been attributed to increase in deposits from GH¢ 2,163 million to GH¢ 3,168 million a 46.41% increase.
The Bank also saw growth in its assets from GH¢ 3,265,157 to GH¢ 4, 371,968.
Mrs Francisca Dedei Attipoe, Head of Human Capital and Administration Department ARP Apex Bank, also lauded the Bank’s 8.28% profit before tax gain though marginal.
Addressing the Rural Bank’s 29th AGM at the weekend and Akatsi, she urged the Bank to improve on its return from investments, commission and fee-based income and the recovery of clients’ over due loans and advised the management to sharpen its skills in those areas.
Mrs Attipoe advised Rural and Community Banks (RCBs) to take schemes by the Apex Bank and collaborators to find tune them.
Mr Simon Nero Davor, Board Chairman, said the Bank’s total income grew 16.35% to Gh¢ 825,963 from Ghc 709,899 while investment and advances shot up 43.31% and 32.12% from Gh¢ 719,669 to Gh¢ 1,031,361 and Gh¢ 1,747,263 to Gh¢ 2,308,481 respectively.
Mr Davor said the Bank had met the capital adequacy ratio, primary and secondary reserves requirement but attained only Gh¢ 156, 157, far below the proposed new minimum capital requirement of Gh¢ 500, 000 by the Central Bank.
The shareholders approved Gh¢75,000 from the Bank’s income surplus for re-capitalization.
No dividends were declared.