Dr Samuel Asamani,
Dr Samuel Asamani,

Dr Samuel Asamani, the Board Chairman of the Citizens Rural Bank, says the financial entity has made impressive stride despite the macro-economic challenges that faced the country in 2015.

Dr Samuel Asamani,
Dr Samuel Asamani,
He said the bank increased its total deposits from GH₵ 3,271,688 in 2014 to GH₵ 4,932,127 an increase of 50.75 per cent.

Dr Asamani said this when he read the 2016 Report of the bank’s 7th Annual General Meeting at Nsawam-Adoagyiri in the Eastern Region.

He said: “Even though our deposit base is small, to grow deposits by 50 per cent in a single year is impressive and recognition should be given to our mobile bankers who helped to make this possible.”

Dr Asamani said the country continue to face worsening economic conditions with the declining economic indicators.

He said the foreign exchange receipts coupled with the high demand for foreign currency continued to put pressure on the cedi.

“From January to December 2015 the country’s currency the cedi depreciated significantly against all the major trading currencies. There were signs of stabilisation in the last quarter of the year but the damage to the economy had already been done,” he said.

The Board Chairman said the prime rate rose to its highest at 26 per cent during the third quarter while the inflation rate increased to 17.7 per cent by the end of the year, stating that these economic conditions had adverse impact on the cost of doing business and affected the financial sector significantly, but with careful management the bank was able to achieve excellent results.

Dr Asamani said with continued the restructuring of the bank’s operations in 2015 with special emphasis on cutting costs the Nsawam-Adoagyiri Bank was able increase its revenues.

He said loans and advances increased from GH₵1,952,958 in 2014 to GH₵ 2,739652 representing 40 per cent.

He said the Bank increased its profit before of GH₵ 380,740 in 2015 as compared to GH₵ 76,917 for 2014 while an increased income from GH₵ 773,929 to GH₵1,360,488, adding that this was about 400 per cent increase in profits.

“This is an outstanding achievement and a significant milestone for the Bank,” Dr Asamani said.

The Bank’s total assets grew to GH₵ 5,922,546 from GH₵ 3,759,306 in 2014 with a staff strength of 43 comprising 22 permanent staff and 21 mobile bankers.

The Board Chairman expressed gratitude to his fellow shareholders of the Bank for their patience while thanking the staff, management and the board members for their hard work.

Source: GNA/NewsGhana.com.gh

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