MALTAABA COMM. BANK PERFORMS WELL IN ALL FINANCIAL INDICATORS 18th January, 2020
The
Maltaaba Community Bank [MCB] which is an indigenous bank belonging to the
people of the Bongo District in the Upper East Region, maintained consistent
year-on-year growth in most of its key financial indicators by the close of the
financial year ended 31st December, 2018.
Board Chairman, Mr. Francis Atintono presenting his report |
Board
Chairman of the Bank Mr. Francis Atintono who made this disclosure in his
report at the bank’s 7th Annual General Meeting [AGM] held in Bongo
over the weekend emphasised that, the relentless efforts of the bank’s Management
and staff made the bank achieve this feat in the face of high Non-Performing
Loans in the Rural and Community banking sector during the period under review.
The AGM also coincided with the bank’s 10th Anniversary.
According
to the Board Chair, the bank’s Total Deposits appreciated from 4,845,658.00
Ghana Cedis in 2017 to 5,703,143.00 Ghana Cedis in 2018 whilst its Net Worth
also shot up from 608,118.00 Ghana Cedis to 1,540,910.00 Ghana Cedis within the
same period. He added that, Maltaaba’s
Total Assets equally increased to GH₵7,477,981 by close of 2018 from the previous
figure of GH₵5,747,288.00 in 2017. Meanwhile, it also experienced a rise in its
profitability margins from GH₵292,295.00 in 2017 to 346,463.00 in year 2018.
Mr. Atintono noted that, Ghana’s banking sector
reforms which resulted in the consolidation of some banks, impacted negatively
on the performance of the bank just like other sister banks as confidence in
the financial system declined. This notwithstanding, he assured clients and the
ever-growing numbers of shareholders to continue doing business with the bank
as the Board and Management will do everything possible to ensure that profits
and dividends improve in this financial year and beyond.
A cross section of shareholders at the AGM |
The Board Chairman also revealed
that MCB within 2018, was very responsive to the needs of the communities
within its operational areas as it spent an amount of 15,152.00 Ghana Cedis as support
in the health, education, culture and sports sectors as well as on
environmental issues. He disclosed that, the Board had undertaken to set up a Corporate
Social Responsibility [CSR] Fund into which five percent [5%] of a year’s
profit will be paid for the execution of pertinent CSR interventions. He commended
staff of the bank, his board members and other stakeholders whose immense
contributions got the bank adjudged the Best Rural Bank in Upper East for the
2018 period and also, ranked as the Most Promising Rural Bank in Ghana at the 3rd
Rural/Community Banks Excellence Awards.
Upper East Regional Manager for
the ARB Apex Bank Ltd., Mr. Zinzendorf Pascal Nkulenu in his speech at the AGM,
revealed that after assessment conducted by the Efficiency Monitoring Unit of
the ARB Apex Bank during the period under review, Maltaaba was rated
“Satisfactory”. He added that, the bank also placed 32nd out of 142
rural banks countrywide based on routine perusals by authorities.
Mr. Zinzendorf [in suit] as he prepares to give his address |
Mr. Nkulenu made a passionate
appeal to the Securities and Exchange Commission [SEC] and the appointed
Receiver for all the liquidated finance houses to as he put it “quicken steps
to ensure that all RCBs’ locked-up funds are released to them as soon as
possible to aid their operations.”
Keynote Speaker at the event,
Bongo District Chief Executive Hon. Peter Ayinbisa Ayamga whose speech was read
by his Coordinating Director – Mr. Daniel Kanyange, described the Maltaaba
Community Bank as “a bank for all of us in Bongo which took the initiative of
the traditional leadership, the Assembly, youth and other critical interested
persons to establish some years ago”. He charged all and sundry to ensure that
the bank continues to stand the test of time.
He observed that the bank’s
existence over the years had boosted businesses in the district and also made
it possible for petty traders to have easy access to loans which would have
been next to impossible, if the bank were not there. He further noted that, the
bank served as an avenue for employment as majority of its staff were youth
from the area.
Three past directors of the bank
including Hon. Clement Apikiya, Mr. Robert Ajene and Hon. Joachim Akugre were
awarded for their sterling contributions towards the growth of the bank in
times past. They each received nicely-crafted citations and some gifts from the
banks.
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