The Board Chairman of Kwaebibirem Rural Bank, Carlos Kingsley Ahenkorah has stated that the bank recorded a profit after tax of ¢1,061 million in the year 2021, as against a loss of ¢686,567 in the year 2020.
Mr. Ahenkorah announced this in his chairman’s report to shareholders of Kwaebibirem Rural Bank at the 35th Annual General Meeting (AGM), held on Friday, at Asuom in the Kwaebibirem Municipality of the Eastern region.
“Fellow Shareholders, I am happy to announce to you that, at the close of December, 2021, the bank recorded a profit after tax of GH¢1,061,788 as against a loss of GH¢686,567 in the previous year, a remarkable improvement since the inception of the bank”, the Board Chairman who is the MP for Tema West announced.
Even though the directors did not recommend payment of dividend for the year under review per Bank of Ghana’s directives on non-adherence to stated capital requirements, the Board Chairman assured the shareholders that the remarkable improvement in the performance of the bank clearly gives shareholders hope for the future.
He also assured them that investment in the bank is very safe.
On major changes that the bank has made in management, Mr. Ahenkorah used the occasion to introduce to shareholders the new Chief Executive Officer (CEO) of the bank, Prince Obiri Yeboah.
The new CEO takes over from Michael Agyeibi Agyekum, who was contracted in 2013 to oversee the day-to-day administration of the bank. He, on behalf of the Board, Management and Shareholders, thanked Mr. Agyekum for uplifting the corporate image of the bank after 8½ years of dedicated service.
On the future outlook of the bank, the Board Chairman said considering the impressive performance and commitment of the Board and Management, the future of the bank is brighter and added that the bank looks forward to install Automated Teller Machines (ATMs) to enhance service delivery to its cherished customers. The Board has also initiated the process of getting a befitting office complex for its Kade Branch.
The Board Chairman advised dormant accounts holders to reactivate their accounts within a stipulated time frame given, beyond which their funds would be transferred to the Bank of Ghana, in compliance with the Banking Act 2016 (ACT 930).
Benjamin Chemel, Head of Finance and Administration of ARB Apex Bank, in an address read on behalf of Alex Kwasi Awuah, Managing Director of ARB Apex Bank Plc, congratulated Kwaebibirem Rural Bank for turning their loss previous year into profit for the year under review, saying, this would make the bank more attractive to customers to invest in the bank.
According to him, the Apex Bank takes note of Kwaebibirem Rural Bank’s impressive Susu Mobilization efforts through their innovative “Susu Box” system, which helped the bank grew its deposit from ¢30.65 million in 2020 to ¢36.82 million in 2021.
He humbly urged the bank to evaluate investments in Property, Plants and Equipments (PPEs) carefully because the investment in physical, immovable assets grew from ¢1.34 million in 2020 to ¢2.10 million in 2021, representing an increase of 56%. He said this increased the bank’s PPE Ratio from 4.1% to 5.2%, which was marginally above the benchmark ratio of 5%.
The Acting Eastern Region Chapter President of the Association of Rural Banks, Benjamin Tetteh Apo, said there are great prospects in Kwaebibirem Rural Bank and appealed to Shareholders to inject more funds into the bank to shore up its capital.
He explained that the operating results for the year under review shows that the bank can be relied upon so cherished shareholders should see the bank as their own and help to address the crucial issue of capitalization.
The Chief of Asuom, Osabarima Ofosuhene Apenteng II, who was the special guest of honour, congratulated the immediate past General Manager of the Bank, Michael Agyeibi Agyekum and the Board Chairman, Carlos Kingsley Ahenkorah for steering the affairs of the bank prudently to bring the bank into profit making path.
He urged the new CEO, Prince Obiri Yeboah to continue the good works of where his predecessor left off and make Kwaebibirem Rural Bank, the pride of Asuom and its Branches/Agencies in Kade, Oda, Kwae Estate, Pramkese, Asamankese and Boadua happy.
Speaking to the media at the Annual General Meeting, the new CEO of the bank, Prince Obiri Yeboah said he is poised to double the Bank’s asset base during his first four years in office.
He thanked the Board and Management for the confidence reposed in him and urged them to give him their utmost support that will enable him achieve his goal.