Business

Odotobri rural bank PLC records profit

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By: David Amoateng _Amansie Central

The Odotobri Rural Bank PLC has recorded profit of GH 3,858,080.34 2022 as against GH 2,826,809.77 representing an impressive increased profit margin.

Savings account in 2022 is GH 97,256,191.89 as compared to Gh 73,917,904.51 2021, whereas Current account 2022 indicated 46,797,382.14 and 43,385,573.59 2021 respectively.
Fixed deposits including Susu/Micro Finance shown 55,723,994.88 and 51,757,270.91 and Susu account recorded 42,995,892.11 2022 and 34,348,977.60 2023 equitably.
Addressing the Bank’s 36th Annual Financial Report for the year ended 31st December, 2022 at Jacobu in Ashanti Region, Dr. Kwaku Mensa-Bonsu the Board Chairman of the bank said profit before taxation in the basket of total comprehensive income recorded Gh3,858,080.34 2022 and Gh229,529,838.90. 2021.
He said the profit of Gh4,663,415.00 profit recorded was due to increased results of revenue generation and putting the Bank’s expenditure under control.
He said the bank share capital also grew by 11.60 percent from Gh2,995,461.00 on 2021 to Gh3,342,973.00 in 2022.
The Board Chairman said loans and advances to customers in the sector of Agriculture, Small Scale Industries, Transport, Trading and among others have all improved tremendously recorded total of Gh49,991,851.62 2022 as against GH 48,038,793.00 2021.
Dr. Mensa-Bonsu explained that Bank’s continued to suffer since the outbreak of Covid-19 pandemic adding that, Bank’s GDP growth estimated to have slowed to 3.2percent in 2022, down from 5.4 percent in 2021.

Commenting on Domestic Debt Exchange Programme (DDEP), Dr. Bonsu outlined that because of cedi depreciation and the negative impact of DDEP have exposed the Bank’s financial sector to heavy rural Bank’s debt owing the government.

For his part, Mr Abraham Coffie the Chief Executive Officer for the bank revealed that, Odotobri bank PLC is building solid Information Technology (IT) to ensure that bank transactions among government workers and customers at large soon can make deposit and savings on their mobile phones platforms with ease and accurately.
This, he told that, the inception of the IT would help the numerous customers of the bank either receiving or sending money outside their box into their personal account culminated to the level of avoiding difficulties in their dealings with the bank.

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