ARB Apex Bank recorded a profit before tax of ¢5.9 million during the financial year, 2020 despite the impact of covid-19 on the economy.
The bank’s pre-tax soared by 482%, from ¢1 million recorded in 2019.
According to the Managing Director, Kojo Mattah, activities in rural banking increased despite the advent of covid-19 pandemic.
He also revealed that rural banks increased their deposits, despite the covid-19 pandemic.
“We’ve seen a lot of enthusiasm in the activities of Rural and Community Banks (RCBs). Their deposits have grown significantly in 2020, up to about ¢5.5 billion,” he said.
Board Chairman, Dr. Anthony Aubyn accounted to shareholders, some investments made by the ARB Apex Bank.
“Your bank continued to invest heavily in infrastructure to support the smooth running of our RCBs. Beside the $8 million funding from the Ministry of Finance and the World Bank, the board recently approved additional $1.2 million to support the upgrade of the data centre and the disaster recovery site to avert any interruption in the operations of the RCBs,” he disclosed.
Meanwhile, Deloitte and Touché, independent auditors, has stated that the bank kept proper accounting records and has complied with provisions of the Anti-Money Laundering Act, 2008.
“In our opinion, proper books have been kept by the bank so far as per my examination,” he stated.
The 19th Annual General Meeting was climaxed by a book launch.
The book, “Together for Progress”, is authored by the first Managing Director of the bank, Emmanuel Kwapong.
Latest Stories
-
Poor finishing a problem for Asante Kotoko throughout the season – Prosper Ogum
19 mins -
Samini teams up with Francis Osei for ‘Sticks N Locks’ EP
26 mins -
Government should resource record labels – Seven Xavier
45 mins -
I need majority in parliament to successfully complete my term – Akufo-Addo pleads
48 mins -
Next NDC government will not recognise illegal contracts signed by current administration – Sammy Gyamfi
58 mins -
Premier League clubs vote in favour of spending cap plans
1 hour -
Nigeria’s fuel crisis brings businesses to a halt
1 hour -
King Promise impresses fans at sold out show in Singapore
1 hour -
Ejisu by-election to proceed after plaintiff withdraws injunction application
1 hour -
CSOs and NGOs unite to push for priority demands at INC-4
1 hour -
Fuel tanker bursts into flames on Kumasi-Accra highway
2 hours -
EC’s stolen BVR kits, laptops: One granted bail, three still on remand
2 hours -
2 Things: Sista Afia releases first song off her upcoming album
2 hours -
GHS to embark on COVID-19 vaccination campaign starting May 4
2 hours -
CAF Confederation Cup: I’ve learned valuable lessons that will help future generations – Karim Zito
2 hours