By: Ewurabena Paha
The ARB APEX BANK recorded 24.44 million cedis in profits during the 2024 financial year. The banks assets also grew from 1.14 billion in 2023 to 2.28 billion cedis in 2024. Despite this growth, however, the bank was unable to declare dividends due to what it termed accumulated loss of almost 70 million cedis.
Speaking at the banks 23rd Annual General Meeting in Kumasi, Managing Director of the bank, Alex Kwesi Awuah attributed the growth to strategic reforms and strict financial management.
He said the bank, despite all the challenges due to the impact of the domestic debt exchange program DDEP, has been able to position itself for an economic turnaround.
Mr Awuah’s report at the AGM did not skip the input made to train staff and the resources being channelled to ensure customers enjoy digital banking. These include upscaling staff training and capacity development programmes and the upgrade of financial crime software modules to work with T24 R20.
This will improve accuracy and timeliness in identifying suspicious activities.
Board Chairman of ARB APEX BANK, Mr Daniel Ohene Kwaku Owusu told the meeting that it is working to ensure sustained growth and improve service. ,
He said the rural banking sector has now become increasingly competitive, which is driven by technology in terms of how customers access their funds. In this regard, ARB APEX BANK is working to ramp up investments and loan disbursements.
He also announced the surge in deposits from 1.22 billion in 2023 to 2.11 billion cedis last year. Mr Owusu said the conclusion of the 2024 financial year marks a piint of reflection which is founded on the prospective gains anticipated in future economic trends.
Ghana’s economic outlook this year indicates a projected growth of 4.2 percent. This, the board chair said the bank will leverage to expand their assets. The agenda of the 23rd AGM of APEX Bank received and adopted the financial statement of the company to approve the directors fees and authorise the directors to determine the remuneration of the auditors.
Auditors Ernst and Young declared that the bank generally complied with the provision of the corporate goverance disclosure, anti money laundering act and with the provision of the banks and specialised deposit taking institutions
