Otuasekan Rural Bank performs impressively in 2018, registers a US$ 0.25m profit

GHANA – The Otuasekan Rural Bank Limited, one of the micro-finance banks in Ghana, performed remarkably in the 2018 financial year, accruing a profit of US$ 246,275 (GH¢1,354,195) after tax.

The microfinance institution with headquarters at Kofiase, in the Mampong Municipality of the Ashanti Region also reported a 4.83 per cent increase in revenue from US$2.9 million (GH¢ 16,151,516) in 2017 to about US$3 million (GH¢ 16,931,948) in 2018, with profit before tax standing at US$378,190 (GH¢ 2,079,557).

The bank’s share capital in the same year stood at US$404657 (GH¢ 2,225, 092), which exceeded the Bank of Ghana’s new minimum capital requirement of US$181,861.16 (GH¢ 1,000,000) for rural banks, making it one of the most well-capitalized rural banks in the Country.

Dr Prince Stephen Adom-Attakora, Chairman of the bank’s Board of Directors attributed the feat to the implementation of prudent and sound strategic measures in the year under review.

Dr.  Adom-Attakora also noted that, the cedi, which cumulatively depreciated against the US dollar by 8.4 per cent as compared with 4.9 per cent in 2017 really served as a great environmental challenge to the banks operational success.

Touching on the operational performance of the Bank, Mr Adom-Attakora said total asset base of  US$14.5 million (GH¢79,964,358) was accrued in the year, an improvement over the US$12.4 million (GH¢ 68,131,329) for 2017.

Investments and deposits of US$7.4 million (GH¢ 40,892,892) and US$ 12 million (GH¢ 66,146,441), respectively, were also accrued in 2018.

Additionally, US$6,926.0 (GH¢ 38,084) was spent on corporate social responsibility to support socio-economic activities in the communities in which it operates.

Mr Adom-Attakora assured the shareholders of the Bank’s readiness and commitment to implementing strong financial and corporate measures that would ensure continuity in the improvement and sustainability of its investments and business operations.

The Otuasekan Rural Bank Limited was incorporated in 1988 and is regulated by the Apex bank of Ghana – a subsidiary of the Bank of Ghana.

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