ARB Apex Bank records GHc1m profit for 2019; represents 10% increase
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ARB Apex Bank records GHc1m profit for 2019; represents 10% increase

- ARB Apex Bank realised a profit of GHc1 million before tax for the 2019 operational year

- In the preceding year, the bank made a profit before tax of GHc0.91 million

- The Bank's total operating income increased by 17% from GHc55.5 million in 2018 to GHc64.96 million in 2019

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YEN.com.gh has learned that ARB Apex Bank recorded a profit before tax of GHc1 million for the 2019 operational year.

This represents a 10% increase in the results it posted in the preceding year; GHc0.91 million profit before tax.

The Bank’s total operating income increased by 17% from GHc55.5 million in 2018 to GHc64.96 million in 2019, despite the falling interest rates that affected its profitability.

ARB Apex Bank records GHc1m profit for 2019; represents 10% increase

Dr. Tony Aubynn, Board Chairman of ARB Apex Bank Source: graphic.com.gh
Source: UGC

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ARB Apex Bank’s assets also grew by over 47% from GHc394.5 million in 2018 to GHc582.4 million in 2019.

Per a result by graphic.com.gh, this was due to an increase in deposits as well as the revaluation of the head office building, which increased by over GHc23.7 million.

The bank’s deposits increased by 43% from GHc341.2 million in 2018 to GHc488.9 million in 2019.

There was also a growth in loans and advances of 64% from GHc37.8 million in 2018 to GHc62.1 million in 2019.

This was a result of an extension of more credit and liquidity support to the Rural and Community Banks (RCBs) for on-lending to their customers.

In other news, shareholders of GCB Bank will each receive 20 pesewas per share for the 2019 financial year.

The decision was approved at the bank’s Annual General Meeting that was held on Thursday, July 30, 2020.

GCB Bank applied to the Bank of Ghana for permission to pay dividends following a directive from the Central Bank banning such a course of action.

READ ALSO: We did not collapse banks owned by Duffuor and Nduom - Danquah Insitute

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Source: Yen News

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