Business

Odotobri Rural Bank PLC Records GH 4,663,415.00 Net Profit

 

 

By Enock Akonnor enockakonnor2013@gmail.com

Odotobri Rural Bank PLC exhibited an incredible performance in the year 2022 as against 2021 despite the impact of Covid-19, macroeconomic instability, global financing tightening and spillover effects of Russia’s invasion of Ukraine.

Total deposits increased from GH 203,409,727.00 in 2021 to GH 242,773,461.00 in 2022.

The increase according to officials was due to intensified mobilization efforts by Directors, Management and staff, coupled with the growing public confidence in the catchment areas in which the Bank operates.

Investments in Treasury Bills, Government Bonds and other short term securities recorded GH 169,983,169.00 in year 2022 against GH 137,694,073.00 in 2021.

 

Net Profit (Before tax) in 2022 shot up to GH 4,663,415.00 against GH 4,048,153.00 in 2021

Share Capital recorded GH 3,342,973.00 in 2022 against GH 2,995,461.00 in 2021, with total assets increasing from GH 229,529,839.00 in 2021 to GH 273,808,115.00 in 2022.

On Lending Operations, the Bank in 2022 extended total loans and overdraft facilities of GH 49,991,852.00 to customers as against GH 48,038,793.00 for 2021, representing an increase of 4.07%.

Delivering his report on the Banks financial statement at their Annual General Meeting held in Jacobu-Ashanti Region, Board Chairman Dr. Kwaku Mensah Bonsu, announced that earning a profit of GH 4,663,415.00 in 2022 was a result of increased revenue generation and putting the Bank’s expenditure under control.

He disclosed that the Bank did not renege on its Corporate Social Responsibility (CSR).

It spent an amount of GH 183,467.84 as part of its Corporate Social Responsibilities to support socio-economic activities in the communities it operates and beyond.

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