Lower Pra Rural Bank PLC continues to grow bigger and better as it posted positive picture in the financial year.
Deposits rose from GHc96, 822, 527, 00 in 2019 to GHc129, 686.552.89 in 2020 showing an increase of 34%.
Total assets increased by 32% from GHc110, 688,020.71 in 2019 to GHc1445, 582.8885.75 in 2020. The growth, in total assets conforms to the bank’s sustainable growth rate policy.
Also, the bank’s earnings depend primarily on its net interest income on advances and investment in securities. The total income recorded was GHc34, 062,342.75 as against total expenditure of GHc32, 301,878.16 resulting in a profit tax of GHc1, 7044,183.49, a fall of 15% over the previous year.
At the 33rd Annual General Meeting, Isaac Kwamina Van-Ess, Board Chairman of Lower Pra Bank PLC pointed out that the bank offered advances to numerous customers in the form of sundry loans, group loans, loans to salaried workers, overdrafts, consumer goods as well as vehicle and building loans.
“The advances outstanding under our lending programmes in 2019 totaled GHc56.1m as against GH59.4m in 2020 representing an increase of 6%. The previous year saw an increase of 23.84% and noted that the COVID-19 pandemic slowed down business activities and caused customers to shy away from loans” he added.
He urged defaulters of loans to repay as soon as possible for other customers to benefits. “Drastic measures are considered if the situation persists”.
On community development, he mentioned that contributions amounting to GHc400, 917.55 were made in 2020 to support the developmental activities of the catchment area in the areas of education, health, community-initiated projects and other miscellaneous activities.
He explained that the banks scholarship covers secondary and vocational schools as well as the tertiary level and that since its inception in the early 2000’s; a total amount of GHc2, 190,500.00 has been disbursed.
Mr. Van-Ess on outlook mentioned that experts are saying there is a sign that the economy is on a rebound.
He commended management, staff, shareholders and stakeholders for their contribution towards the growth of the bank and the successes it has achieved over the years.
Mr. Kojo Mattah, Managing Director of ARB APEX Bank Limited in an address read for him said Apex Bank, has carefully studied the emerging trends and has therefore decided to put in the right measures to be able to deliver better services for their esteemed customers.
“Our major development is the introduction of Mobile banking for all Rural and Community Banks (RCB’s) customers; this means with mobile phone number; every customer can now have his/her account linked to their phone numbers to enable them move money from their wallets to their account numbers with the RCB’s” he added.
He encouraged all RCB’s to sign their customers to this important service to enable them enjoy the freedom of banking from the convenience of their phones.
“Congratulations to shareholders, board, management and staff of the bank for their supports over the years” he said.
Marie Aziz Tunde.