Kintampo Rural Bank makes profit

Kintampo Rural Bank makes profit
November 23, 2009
Kintampo (B/A), Nov. 23, GNA - The Kintampo Rural Bank recorded a net profit of GH¢ 239,497.00 out of a gross profit of GH¢ 265,754.00 in 2008.

This represented 68.74 per cent and 68.64 increases above the previous year's amounts of GH¢ 157,492.00 and GH¢ 142,009.00 respectively.

The bank's business registered 33.3 percent growth level of GH¢ 4,749,690.00 whilst deposits rose to GH¢ 3, 358,182.00 with gross advances of GH¢ 2,291, 040.00, thus 41.4 per cent growth in deposits and advances in that order.

The overall assets of the bank were GH¢ 4,790,690.00 as compared to the previous year's assets base of GH¢ 3,562,648.00, indicating an increase of GH¢ 1, 187,042.00 or 33.32 percent.

This was declared on Saturday by Dr. Samuel Donyina-Ameyaw, Chairman of the Board of Directors of the bank, in a report read for him at the bank's 24th shareholders' annual general meeting at Kintampo in Brong Ahafo.

He said the bank had a robust risk management system for assessing and controlling its overall risk level to ensure business continuity.

Dr. Donyina-Ameyaw said the consistent performance of the bank had been recognized and appreciated by the government, industry and customers and this reflected in the number of accolades the bank had received.

He mentioned apart from being the best (number one) rural/community bank in the Brong-Ahafo Region, it was ranked third by the Apex Bank Monitoring and Evaluation Unit as at December 31, 2008 out of the 127 banks in the country.

Recently it was also adjudged the best managed rural and community bank in the northern sector of Ghana.

Mr. Eric Osei-Bonsu, Managing Director of Association of Rural Banks (ARB) Apex Bank Limited in a speech read on his behalf, said the bigger banks continued to lure customers of the smaller banks like the rural banks through the provision of quality services.

He appealed to rural/community banks (RCBs) to address that issue by investing in training programmes that would help them to improve on their service delivery.

Mr. Kofi Bonsu Boakye-Boateng, Vice President of the ARB Brong- Ahafo Chapter, commended the board and management of the bank for the able manner the affairs of the bank had been handled.

Mr. Alhassan Seidu Harrison, Kintampo Municipal Chief Executive, advised the staff of the bank to maintain a high level of integrity by avoiding either internal collusion or collaboration with external fraudsters to dupe the bank.

GNA