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It is currently ranked ninth among 111 RCBs in Ghana and first among 11 banks in the Volta Region as at December 31, 2015.

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Mr Francis Kwame Akoto Board Chairman in a report at the bank’s 28th Annual General Meeting (AGM) said the financial entity had resolved “to remain among the strong banks and compete at that level.

He said the Agave Rural Bank with a stated capital of GH ₵ 661,537.00 as at end of December 2015, had overshot the recommended minimum capital by GH₵ 300,000.00.

Mr Akoto put the bank’s projected capital target by close of 2016 at GH₵ 700.000.00 and GH₵ 1,000,000.00 by the end of 2017.

He said the bank had adopted a tagline “Woe Li Mie Li” translated, (We exist because of you) to rally round clienteles, and rope in new ones, to enable it add up shares “so we garner much more capital ahead of our projections and that of the Bank of Ghana requirements”.

Net profit before tax rose by 144.20 per cent; that is GH₵ 369.14 in 2014 to GH₵ 901.435.

Total deposits was up GH₵ 7,345.88 in 2015 from GH₵ 5,398. 12 that is 36.08 per cent.

Total assets also increased from GH₵ 7,120.03 to GH₵ 10,001.24, 40.47 per cent up.

Shareholder’s equity also increased from 74.15 per cent from GH₵ 1,206.89 in 2014 to GH₵ 2,101.80 in 2015 .

Total operating income, grew from 58.63 per cent from GH₵ 1,933.93 in 2014 to GH₵ 3, 067.76 in 2015 and investment improved from GH₵ 1,355.81 to GH₵ 3,776.94 in 2015 accounting for 178.57 per cent up.

Loans and advances was up by 9.71 per cent, representing GH₵ 4,326.44 in 2014 to GH₵ 4,746.47 in 2015 while total operating expenses rose from 39.57 per cent from GH₵ 1,460.04 to GH₵ 2,037.72.

Mr Akoto said against the rather difficult international and local economic environment, the Bank had continued to make real good progress.

He said an agency has been opened at Aflao and others planned for Adutor and Agbakope.

Mr Akoto mentioned investment in technology and ICT Platform, recruitment motivation and retention of best human resource, investment in training and retraining of personnel, branch network expansion, new product development as systems the bank would adopt in the coming years to remain vibrant in a volatile business environment.

Halima Oboshie Torto, Manager, Accra Branch, ARB Apex Bank Limited, who stood in for Kwadwo Aye Kusi, Managing Director of ARB Apex Bank, lauded the bank for its aggressive customer focus orientation, reflected by the punch line, “Woeli; Mieli”.

She said the Bank’s 2015 performance, a period when the economy was not favourable, was “impressive.”

Ms Torto called for the re-orientation of staff to embrace excellence in customer services as a culture and not as a tool for doing business.

“Excellence in customer service should also be built into the performance contract and tied to the periodic appraisal of staff.

“All these will ensure that the Agave Rural Bank will become synonymous with excellence in customer care to enable you withstand the pressures of increased competition,” Ms Torto said.

John Ametepe Aheto, Supervising Manager told the GNA, that the main business of the bank was to give short, medium and long term loans with clients mainly traders and formal sector workers.

The meeting approved a cash dividend of GH₵ 0.01820 per share amounting to GH₵ 240,800.00 and non-cash dividend of GH₵ 0.03035 per share totaling GH₵ 401,553.00 to be fully credited as bonus issue.

The Bank was established in 1987

Source: GNA/NewsGhana.com.gh

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