The Gomoa Community Rural Bank Limited has appealed to the government to grant banks in the country tax cuts, to enable them to operate optimally.
Mr Daniel Amoah Gyampoh, the Acting Chief Executive Officer (CEO) of the Bank, said the banks were overburdened with high taxes which crippled their operations.
At the bank’s fifth Annual General Meeting in Winneba, the CEO asked the government to reduce the tax burden in the sector to enable them to offer the best of services to Ghanaians, to engender development.
The bank announced a net profit before tax of GHC2,617,661 in 2023 as against the GHC1,258,707.00 recorded in 2022.
It also announced an increase in operating income from GhC6,996,528 in 2022 to GHC10,890,674.00 in 2023, representing 56 per cent, while the direct cost operating expenses moved to GHC8,273,013 in 2023 from the GHC5,737,821 in 2022.
Mr Benjamin Amoah, the Chairman of the Board of Governors, addressing the meeting, said the total assets of the bank grew from GHC35,836,638 to GHc51,306,442, representing a 43 per cent increase.
“Our loans and advances increased to GHC11,277,704 in 2023 from GHC8,227,290 in 2022 and for our customer deposit, it increased from GHC35,340.062 in 2022 to GHC46,003,874.00 in 2023, representing 30 percent,” he said.
“During the year under review, we were able to also sell additional 82,718 ordinary shares, valued at GHc41,359 against GHc18,241.00,” he added.
Mr Amoah said the progress made came because of a multi-faceted approach dubbed ‘Gomoa Community Bank Turnaround strategy’ which included operational efficiency, risk management, customer-centric approach and talent development.
“Our commitment to excellence has not gone unnoticeable,” he said.
He said earlier this year, the bank and its Board Chairman were selected and inaugurated by renowned Business Executive Limited into the Corporate Ghana Hall of Fame Advisory Council, 2024.
“For the way forward, we want to assure you that we remain committed to a robust growth strategy designed to effectively navigate through the turbulent operating environment,” the Board Chairman stated.
In an address delivered on his behalf, Mr Alex Kwasi Awuah, the Managing Director of ARB APEX Bank, commended the bank for its significant progress in the year under review.
“This achievement is one of the major proofs that Gomoa Community Turnaround Project is beginning to yield positive results which is exemplary, and we urge the directors and management of the bank to work together to maintain the momentum,” he stated.
Mr Awuah advised them to embrace and leverage technology effectively to serve customers with ease and convenience.
GNA