27 June 2018

Ghana: Kintampo Rural Bank Commended for Outstanding Performance

press release

The Kintampo Rural Bank made an increase in profit after tax from GH₵1, 752,021 in 2016, to GH₵1, 862,460 in 2017.

The bank's total assets grew by 19.87% from GH₵27.455 million in 2016 to GH₵32.912 million in 2017 while its loans and advances portfolio grew from GH₵9.678 million in 2016 to GH₵10.932 million in 2017.

The bank generated a total operating income of GH₵6.570 million in 2017 compared to GH₵5.972 million in 2016.

During the year under review, an amount of GH₵47, 175.00 was spent on Corporate Social Responsibility compared to GH₵29, 215 in 2016.

Mr. Kojo Matta, Managing Director, ARB Apex Bank Ltd., the supervisory bank of rural/community banks, made these known in an address delivered on his behalf at the 33rd Annual General Meeting of the Kintampo Rural Bank Ltd.

Mr Matta commended the bank for its outstanding performance in the 2016/17 financial year and in meeting the minimum capital requirement of GH₵1, 000,000.00.

He noted that the bank had maintained its position as a 'strong bank' based on the 2018 first quarter report of the Efficiency Monitoring Unit (EMU) of the Apex bank. "This implies that the performance of the Bank was good and sound by all indicators", he said.

He, however, urged the bank to adopt share mobilization strategies to attract funds to shore up the minimum capital requirement.

On risk management, Mr Matta noted that effective risk management and vigilance had become more pressing in view of the technological intervention in the operation of Rural and Community Banks (RCBs) and the entire financial sector, hence the need for staff and management of the bank to ensure effective risk management and vigilance.

He urged the bank to re-orientate all staff to embrace excellence in customer relations to withstand the pressure of increased competition.

Touching on the Mobile Money Inter-operability project by the Ghana Interbank Payments and Settlements System (GHIPSS), he said the service would allow funds transfer from linked bank accounts to mobile money wallets and vice versa.

He said that required that RCB customers should provide the registered numbers of Mobile Networked Operators (MNOs) to be linked to their accounts to enable them benefit from the service.

In his remarks, Mr Yaw Effah Baafi, Board Chairman of the Kintampo Rural Bank Ltd, disclosed that the Board had approved Five-Year Strategic Plan, covering the period 2018 to 2022 to extend its operation to Sunyani and Kumasi.

He announced that the Bank of Ghana had given approval for the opening of a mobilization center at Babatokuma which was already in operation and that two ATMs would be commissioned and innovative digitized banking products and services introduced in the course of the year 2018.

Alhaji Yakubu, Vice President of Rural Banks in the Brong Ahafo Region, congratulated the Board and Management of the bank for their 33 years of banking experience and excellent performance, adding that the Kintampo Rural Bank had become a training school for the recruitment of staff to the other rural banks.

Alhaji Yakubu urged customers who took loans from the bank to ensure they paid back and on time to enable others benefit.

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