ARB Apex Bank records sharp growth in deposits despite Covid-19- Board Chair

ARB Apex Bank

Board Chairman of ARB Apex Bank Dr. Aubynn has expressed confidence that the bank put up an impressive performance despite economic and social difficulties in the year under review.

According to Dr. Aubynn, banks in the country operated under the difficult situation in the year under review including ARB Apex Bank.

Despite the economic and social difficulties the banking sector has to grapple with, ARB Apex Bank put up an impressive performance.

Speaking at the 19th Annual General Meeting of ARB Apex Bank Limited on Saturday 12 June 2021 in Accra, Dr. Aubynn revealed that “ARB Apex Bank put up an impressive performance, increasing its total operating income by 16% from GHC 64.49 million in 2019 to GHC 75.3 million in 2020. Profit before tax soared by a whopping 482.4% from GHC 1.0 million in the previous year to GHC 5.9 million”.

The total assets of the bank recorded a significant growth of over 29% from GHC 582.4 million in 2019 to GHC 751.9 million in 2020. The sharp growth was mainly due to growth in deposits.

Dr. Aubynn noted that: “Deposits grew up by 32.6% from GHC 488.9 million in 2019 to GHC 648.5 million 2020 with corresponding growth of 62.2% in investments, rising from GHC 258.3 million in 2019 to GHC 418.9 million in 2020.

Contributing to the debate, Managing Director of ARB Apex Bank Mr. Kojo Mattah revealed the bank put up positive indicators despite the Covid-19 pandemic.

Mr. Mattah noted that “Deposits rose by 33% from GHC 488.9 million in 2019 to GHC 684.5 million in 2020. All these positive indicators and trends are indicative of the fruits of the vision of our Directors and hard work of Management and staff.

Meanwhile, ARB Apex Bank says it will continue to invest heavily in infrastructure to support the smooth running of the RCBs.

Source:Jerry Akornor/capitalnewsonline.com

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