Avenor Rural Bank Records Profit

By Kafui Gati

Akatsi — The Avenor Rural Bank has posted a profit before tax of GH¢433,185 last year, a jump of 36.64 per cent recorded in 2017.

The bank's total income grew by 9.71 per cent whilst operating expenses recorded a lower rate of 6.41 per cent.

This partly accounted for a 17 .65 per cent growth in stakeholders' funds from GH¢1.84 million to GH¢2.16 million in 2018.

The assets base of the bank also increased by 11 per cent from GH¢13.80 million in 2017 to GH¢15.35 million in 2018.

Mr Sylvester Torku, General Manager of the bank who was speaking on the sideline of the bank's 36th annual general meeting at Akatsi in the Volta Region noted that these achievements were due to good leadership and adherence to good corporate governance policies.

He said the bank would continue to develop innovative products to meet the changing needs of customers.

Mr Torku however, stated that the industry reforms that started in 2017 where six universal banks were closed affected customer confidence in the banking industry thus affecting the bank's deposit mobilisation.

The chairman of the Board, Simon Nero Davor, noted that they were proud of the bank's achievement.

"We have also by this act, reinforced our standing in the industry and proving our ability to rise in the central bank's call for a more sophisticated and robust capital framework within the industry," he said.

He assured that customer interest would continue to be their priority and called on customers to increase their shares to boost the fortunes of the bank.

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