Maltaaba Comm. Bank performs well in all financial indicators 18th January, 2020
News & Reports
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 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.
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. 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.