Business News

Odupongkpehe Rural Bank focuses on quality customer service

The Odupongkpehe Rural Bank Limited, with consistent improvement in operations over the years, is focusing on quality customer service and opening of more agencies to cater for its increasing clientele.

Attention would also be given to the training of staff and directors for improved service delivery as well as strengthening internal controls to ensure proper and judicious use of resources.

Mr Lovelace Kofi Johnson, the Chairman of the Board of Directors, said this at the Bank‘s 14th Annual General Meeting at Kasoa in the Central Region.

The Bank‘s total assets grew from Ghc4,397,272 in 2019 to Ghc5,305.2 million in 2020, representing an increase of 20.65 per cent.

Total deposits also increased from Ghc2,695,735 in 2019 to Ghc3,585.9 million in the year under review, a growth of 33 per cent.

However, it incurred a loss of Ghc125,154 million cedis in 2020 as compared to Ghc145 million in 2019, while shareholders fund also declined from Ghc1,425.6 million to Ghc1,301.2 million in 2020.

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Mr Johnson said the decline in those areas of operation was due to the significant investment in the Gold Coast Fund Management Company, which had become difficult to redeem.

He said the Bank would channel more financial resources into microfinance with emphasis on group loans to ensure that it returned to profitability.

The Bank did not declare any dividend as it had not met the minimum capitalisation of Ghc1.0 million.

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