Asawinso Rural Bank limited 35th annual general meeting

Asawinso Rural Bank limited 35th annual general meeting
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The Board Chairman Isaac Esau, report to the shareholders 2020 and 2019 state it categorically that expectations to turn the fortunes of the bank to the part of growth and profitability could not materialize due to factors beyond their control, the financial sector clean up exercise embarked upon by the Bank of Ghana and had it’s advantage and disadvantages towards financial institutions of which Asawinso Rural Bank is not an exception.

The withdrawal of some financial institutions license in the country affected the industry as a result of that of panic withdrawals by customers of the Banks so it’s has to sole rely on investment of mobilized funds. He added that the above mentioned subsided than the deadly Corona virus unleashed it’s devastating effects on the populace which equally had a negative effects on the operations of the Bank, he said deposit mobilized during the period under the review was 25.081million Ghana cedis in 2019 and 34.780 million Ghana cedis in 2020. Loads and overdraft granted to various sectors of the economy Rose from 4.079 million Ghana cedis in 2019 to 4.647 million Ghana cedis in 2020. Short term investment in government securities also wend up from 14.765 million Ghana cedis in 2019 to 23.857 million Ghana cedis in 2020.
A slight increase was recordered in the state capital from 1.023 million to 1.025 million Ghana cedis in 2019 and 2020 respectively.





In a nutshell the total asset the Bank increase from 28.620 million in 2019 to 38.069 million Ghana cedis in 2020 due to myriad of obstacles as aforementioned the Bank posted losses of (358.235) million and (137.640) million Ghana cedis in 2019 and 2020 respectively. Due to resilient measures adopted by the board and management we hope to adopt cost cutting measures and innovations to stem the tide of losses the Bank is experiencing of late.

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Speaking to the media Mr. Saed Bin Yussif the auditor of ARB said, the financial position of the Bank is greatly improving as compared to previous years ago. Asawinso Rural Bank limited is domiciled in Ghana and it’s owned by Ghanaians so people should kindly invest and buy shares for their own benefits.

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The General manager of ARB Mr Ankamah Jacob speaking to the shareholders at Methodist Church premisses said upon all the crisses God been soo good, their license was not seized as some banks it happened in sorrows at many home’s, because of that theirr vision was not met as they wanted it amidst covid-19 pandemic.

Story by: Amasanfiewura Ayidanna KING SELLAS SNR.