In 2014 The Avenor Bank Limited netted grow 201.14 percent in total income of GH¢ 1,924,716 from GH¢ 1,602,092 in 2013.
The operational expenses of bank grew by 24 percent from GH¢ 1.2 million to GH¢ 1.6 million in 2013, making a marginal profit of 3.28 per cent before tax of GH¢ 209,194.00 from GH¢ 202,550.00 in 2013.
Chairman, Board of Directors, Mr Simon Nerro Davor has announced this during the bank’s 32nd Annual General Meeting at Akatsi in the Akatsi South District of the Volta Region.
He said our operational expenses have affected on profit levels but we made 20 percent growth in assets that is from GH¢ 7.3 million in 2013 to GH¢ 8.7 million, which mainly made from jump in deposits from GH¢ 5.3 million to GH¢ 6.8 million.
Mr Davor has revealed that the bank made 16.41 percent growth in net advances from GH¢ 3.9 million to GH¢ 4.6 million.
He told that with the Bank of Ghana increasing the capital need of Rural and Community Banks to GH¢1.0 million from GH¢ 150,000.00 and the capital level of Avenor Bank is at GH¢ 400,000.00 and there is a need to increase fresh capital to meet the dead line of BOG December 2017.
Mr Kwadwo Aye Kusi, Managing Director has asked the Rural and Community Banks (RCBs) to maintain the system and reward the staff for good care of customers and prevent criminals for illegal activities.
An amount of GH¢ 48,856.30 has been announced for the year.
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