Ghana: Pra Rural Bank Focused On Delivering Better Results ... Posts Gh¢ 2.01 Million Profit

18 November 2020

Shama — The Lower Pra Rural Bank Limited is resilient and focused on delivering better results in spite of the COVID-19 pandemic, the Chairman of the Board of Directors of the bank, Mr Francis Mensah, has said.

He said the bank made a profit before tax of GH¢2.01 million and total assets increased to GH¢109.82 in 2019 from GH¢98.2 million in 2018, representing an increase of 13 per cent.

Speaking at the 32nd Annual General Meeting (AGM) of the bank here, Mr Mensah said total deposits of the bank increased from GH¢84.4 million in 2018 to GH¢96.8 million, representing an increase of 15 per cent.

He said the bank's susu scheme had become a product of the bank and members of the scheme constituted about 35 per cent of the customer base of the bank.

"We have worked hard to improve our susu scheme with a total savings of GH¢17,251,518 and loans amounting to GH¢6,393,100 as of December 31, 2019.

Giving the outlook of the bank, he said the prospects look bright in spite of the raging novel corona virus.

"Our 2020 third quarter operational results suggest that prospects look good in spite of the effects of the COVID-19 pandemic," Mr Mensah said.

Mr Mensah said the bank had strategically positioned itself to meet the keen competition in the industry and maintain a favourable foothold in the sector.

The board chairman indicated that the bank continued to pursue prudent investment to maximise returns on shareholders' funds.

"Total investment in near cash securities as of December 31, 2019, was GH¢27.36 million, against GH¢28.4 million in 2018," he said.

Meanwhile, shareholders unanimously voted for Lower Pra Rural Bank Ltd to become Public Limited Company (PLC).

The Western Regional Manager of ARB Apex Bank, Mrs Lucy Quansah, commended management of the bank for the positive results the bank posted in the year under review.

She indicated that the ARB Apex Bank 2020 second quarter report showed that the bank maintained its satisfactory results.

More From: Ghanaian Times

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