ARB Apex Bank makes 482.4% profit despite COVID-19

ARB Apex Bank makes 482.4% profit despite COVID-19

ARB Apex Bank put up an “impressive performance” despite economic and social difficulties in the year 2020 due to the COVID-19 pandemic, Board Chair Dr Anthony Aubynn has said.

Speaking at the 19th Annual General Meeting of ARB Apex Bank Limited in Accra, Dr Aubynn revealed that ARB Apex Bank increased its total operating income by 16% from GHS 64.49 million in 2019 to GHS75.3 million in 2020.

Profit before tax soared by 482.4% from GHS1.0 million in the previous years to GHS5.9 million. 

The total assets of the bank recorded a significant growth of over 29% from GHS 582.4 million in 2019 to GHS751.9 million in 2020.

The sharp growth, according to Dr Aubynn, was mainly due to growth in deposits.

Dr Aubynn noted: “Deposits grew by 32.6% from GHS488.9 million in 2019 to GHS648.5 million 2020 with corresponding growth of 62.2% in investments, rising from GHS258.3 million in 2019 to GHS 418.9 million in 2020”.

For his part, the Managing Director of ARB Apex Bank, Mr Kojo Mattah reiterated that the bank put up positive indicators despite the pandemic.

Mr Mattah noted that deposits rose by 33% from GHS 488.9 million in 2019 to GHS 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 the management and staff.”

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

 

 

 

Source: Ashantibiz