Dangme Rural Bank’s profit for 2020 dips

By InstinctBusiness Oct 25, 20210

The Dangme Rural Bank Limited recorded a net profit of Gh¢113,904 in 2020 as against Gh¢347,179 in 2019, representing a dip of over 100 percent.

However, the bank’s total assets grew from Gh¢37,415,628 in 2019 to Gh¢47,237,294 in 2020, representing an increase of 27 percent.

Short Term Investment also improved from Gh¢12,573,919 in 2019 to Gh¢22,186,823 in 2020.

Nene Affum Kaafra III, the Chairman of the Board of Directors, said this at the 36th Annual General Meeting of the Bank at Kpone, near Tema on Saturday.

He said the climate that emerged from the financial clean-up and the downturn of the economy after the Covid-19 pandemic posed challenges during the period.

Nene Kaafra said in the light of gradual but steady recovery from the industry clean-up by the Bank of Ghana the bank’s operational result dipped for the year under review.

“In our environment just as it happened elsewhere, the sluggish nature of general economic recovery adversely affected our business during the year. We have endeavoured to maintain our focus in spite of the challenges.” He stated

Nene Kaafra said in order to improve the fortunes of the bank, members were being entreated to increase their shares by acquiring more shares and introduce their friends and families to do same.

He said in line with the bank’s digital drive, discussions were underway with the ARP Apex Bank Limited to issue ATM cards to customers.

“We are also focused on strategies to improve customers experience on e-Banking solutions as well as optimize its full potentials,” the Board Chairman said.

He said the Bank continued to support various institutions in the catchment area, notable among them was the Kpone Community Senior High School in the National Mathematics and Science Quiz.

Nene Kaafra expressed the hope that the bank would continue to make a sustained and steady progress from year to year to enhance the value of the customers and shareholders’ investment.

He did not declare any dividend for payment to the shareholders.