Business

SAD!! Nwabiagya Rural Bank Fails To Recover GHs 3,300,703 In Interest

Story by Enock Akonnor, enockakonnor2013@gmail.com

Nwabiagya Rural Bank Limited is poised to embrace all economic opportunities to ensure improved performance in the future; Board Chairman Mr. Andrew Amanin Kwarteng has announced.

The Bank’s inability to recover GHs 3,300,703 in interest from the funds that were locked up with some Fund Managers according to him significantly affected the financial results of the Bank for the year 2021.

However the Board Chairman has assured that pragmatic efforts have been put in place with the aim of providing more robust customer-centric banking solution.

Presenting his report at the 34th Annual General Meeting of the Bank, he expressed the Bank’s readiness to execute a successful recovery of hardcore loans, close monitoring of top management performance Target and the remaining locked-uo funds with Fund Managers.

The foregoing he underlined will give further boost to the operations of the Bank.

He assured that Nwabiagya Rural Bank continues to record increase performance in all sensitive performance areas “including but not limited to deposits, Assets Low-risk investments.

Per the Chairman’s report, the Bank recorded impressive growth trends in key areas of its operations.

Net Interest increased from Ghs 9,809,122 in 2020 to Ghs 11,178,784 in 2021, representing an increase of 13.96%.

Commission and Fees increased by 2.21% that is Ghs 104,402 from Ghs 4,715,533 in 2020 to Ghs 4,819,935 in 2021.

Total operating income recorded an increase of GH 3,247,826 representing 20.23% from GHs 16,051,597 in 2020 to GHs 19,299,423 in 2021.

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