Odotobri Rural Bank shows resilience as it declears over 117percent profit before tax

Odotobri Rural Bank shows strong resilience as it declears over 117 percent profit before tax

The Odotobri Rural Bank PLC has declared a profit before tax of 29,659,459.00 representing 117.69 percent as against 13,624,798.00 in 2023.

Deposit and investment have also shot up by 64.15 percent and 65.89 percent respectively.

This outstanding performance was chalked due to intensified mobilisation efforts by the board, management and staff of the bank coupled with growing public conference in the operations of the bank.

This was disclosed by the Board Chairman of the Odotobri Rural Bank Mr Benedict Boadi at 38th annual general meeting of shareholders at Jacobu in the Amansie Central District of the Ashanti Region.

During the year under review, the bank granted a total loan and over draft facility to the tune of Eighty Nine Million,one Hundred and Fifty Eight Thousand Nine Hundred and Sixty Ghana cedis representing an increase of 39 percent.

Despite this gesture to cushion customers, some beneficiaries of the facility have not shown any positive signs of repayment. The Board Chairman Mr Boadi therefore made a passionate appeal to such people to honor their repayment schedules to enable those on the waiting list to also benefit from the facility.

With approval from Bank of Ghana,the Odotobri Rural Bank has declared dividend to be paid to shareholders while spending over three Hundred and Fifty Thousand Ghana cedis as part of it’s corporate social responsibility in the areas of health, Fire Service, prisons traditional support among other things in its catchment area.

Mr Boadi however admonished customers and shareholders to bring to the attention of management any lapses that might occur in the discharge of their duties in order to serve them better.

Meanwhile The Chief Executive Officer of the bank Mr Abraham Coffie spoke about some new packages and product rolled out to cocoa Farmer which has partly contributed to the sterling performance of the bank.

1. According to him the bank disbursed about 10 million Ghana cedis to farmers in the catchment area which they keep increasing every year.