Over GH₵3.8 million has been ploughed back into Odotobri Rural Bank to sustain its growth trajectory.
For this reason, more funds have been retained enabling the bank to enhance delivery of services.
Already, profit margins for 2023 have leaped following the reinvestment of the previous year’s profit.
Chief Executive Officer, Abraham Coffie explained that “In terms of shareholders’ funds, the reserves are going to improve, more funds are going to be retained in the company for us to use as capital”.
He spoke on the sidelines of the Bank’s Annual General Meeting.
In 2022, the Bank realised profit before tax of 4.6 million, a 15.2 percent increase above the previous year.
The full amount was re-invested in the financial institution to improve shareholders’ reserves to enhance liquidity for 2023.
In the year under review, deposits grew by 19.3 percent, with share capital growing to over GH₵3.3 million from GH₵2.9 million.
Only 75 thousand cedis of the 13.7 million cedis locked up funds were retrieved in the year under review.
Despite the setbacks suffered by businesses following the economic downturn, there was an increase in customers’ deposits.
In the year under review, deposits increased by 19.35 percent. The improvement is attributed to intensified mobilization efforts by Directors, Management and Staff coupled with growing public confidence in the catchment areas of the Bank.
Customers in the year under review received more loans to improve their businesses.
Total loans increased to 4.07 percent. The Bank extended total loans and overdraft of GH₵49,991,852 million.
Meanwhile, it is anticipated that Odotobri Rural Bank will be able to improve its financials in 2023.
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