The Kwabre Area Rural Bank has announced a 62 percent increase in its share capital for the 2021 banking year.
Mr. Louis Kwachie, Chairman of the Board of Directors announced the feat at the bank’s 2nd Shareholders Meeting at Kodie in the Afigya Kwabre South District of the Ashanti region.
The chairman disclosed the bank increased its total shares from 318,479 to 514,831 Ghana cedis, representing 62% upward adjustment.
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He said management is in the process of getting all acquired shares registered and approved by the Bank of Ghana to be added to Kwabre Area Rural Bank’s existing Stated Capital.
Mr. Kwachie further stated that the bank also made considerable progress in some key areas of the bank’s operations.
The board chair revealed the bank witnessed an increase in deposits and total assets by 27 and 14 percent respectively.
The chairman’s report stated that management started investments in treasury bills and also started granting loans and other credit facilities to qualified clients and customers.
CEO of the bank, Gilbert Osei Gyimah assured customers and shareholders that their investments are in safe hands.
He indicated that management aspire to make the Kwabre Area Rural Bank a “top-notch” financial institution in Kwabre and its catchment areas.
“Management is very much aware of the level of public confidence in the banking sector. We at Kwabre Area Rural bank are making conscious efforts to win the trust of our shareholders and customers.
Our operations are strictly guided by policy directives and regulations of the Bank of Ghana and the ARB Apex Bank”, said the CEO.
Mr. Osei Gyimah pointed that though the bank is very young, yet it is much committed to its cooperate social responsibilities.
He disclosed that the bank during the year under review supported the Afigya Kwabre South District Assembly in its cleaning exercise in various communities.
The CEO added that the bank equally contributed towards the 2021 Farmers’ Day among other social events and activities during the banking year.
The Ashanti regional manager of the ARB Apex Bank, Kofi Owusu commended the bank for making remarkable progress within these few years of its operations.
He assured the gathering that the ARB Apex Bank and the Central Bank will continue to implement policies that ensure the safety and security of clients’ investments.
Mr. Kofi Owusu encouraged citizens in the Kwabre area to do business with the bank for their economic benefits.
