ARB APEX Bank holds 20th AGM; reechoes commitment to rural and community banks

ARB APEX Bank holds 20th AGM; reechoes commitment to rural and community banks
By: Razak Baba
The ARB Apex Bank has expressed grave concern about rural and community banks’ continued investment with universal banks, with others borrowing from universal banks and using their deposits as collateral.

The ARB Apex Bank says it stands ready to support every rural and community bank in undertaking prudent investments and has available options for liquidity support for the rural and community banks that are in good financial standing.

The Chairman of the Board of Directors of the ARB Apex Bank, Dr. Anthony Aubynn gave the assurance at the 20th Annual General Meeting (AGM) of the Bank in Kumasi.

ARB APEX Bank holds 20th AGM; reechoes commitment to rural and community banks
Dr. Anthony Aubynn

The 20th Annual General Meeting of the ARB Apex Bank in Kumasi was the first in-person convocation since the COVID-19 pandemic broke.

ARB APEX Bank holds 20th AGM; reechoes commitment to rural and community banks

The 18th edition was held virtually, while the last edition was a hybrid of in-person and virtual.

Notwithstanding the negative effects of COVID-19, the bank’s net interest income grew from almost 60 million Cedis in 2020 to over 65 million Cedis in 2021, representing a growth of about 10%.

The total operating income also upended the previous year’s and grew from about 75 million Cedis to 78 million Cedis, representing about 4%.

The major setback for the bank however was a slump in the profit after tax of three-point-81 million Cedis in the previous year to a loss of 3.56 million Cedis in 2021.

The dip which represented a jolt to the bank’s operations was, however, attributable to its provisioning for the liquidity support given to some ailing rural and community banks.

Currently, the bank is reviewing its future support for struggling rural and community banks to ensure that it does not bring the inefficiencies of non-performing banks on well-performing members.

ARB APEX Bank holds 20th AGM; reechoes commitment to rural and community banks
Mr. Alex Kwasi Awuah

In his report, the Managing Director of ARB Apex Bank, Mr. Alex Kwasi Awuah outlined some special interventions for an improved rural and community banks sub-sector.

The Chairman of the Board of Directors of the ARB Apex Bank, Dr. Anthony Aubynn said the Bank continues to invest heavily in infrastructure to support the smooth running of rural and community banks.

ARB APEX Bank holds 20th AGM; reechoes commitment to rural and community banks

The ARB Apex Bank  also stands ready to support every rural and community bank in undertaking prudent investments.

 

LEAVE A REPLY

Please enter your comment!
Please enter your name here