Kumawuman Rural Bank declares GH¢28,000 dividend

Dr. Kwabena Duffuor, Minier of Finance and Economic Planning

The Board of    Directors of the  Kumawuman Rural  Bank at Kumawu in the Ashanti Region has approved the payment of the GH¢28,292.97 proposed as dividend to shareholders for the 2010 fiscal year.

It works out to GH¢0.030 per share, according to Mr. Kwaku Opoku-Agyemang, Vice Chairman of the Board of Directors of the bank.

He told the 18th Annual General Meeting of shareholders at Kumawu last week Thursday, that the Board and management team worked hard during the year under review, to raise total assets, deposits, paid-up capital, loans and advances portfolio, culminating in a pre-tax profit of GH¢388,231, representing 74.5% over that of 2009.

Mr. Opoku-Agyemang gave the breakdown of the bank's marked improvement in performance  as deposits of GH¢10,947,332.00 in 2010, against GH¢6,659,443.00 in 2009, showing a 64.4% increase, while it (bank) recorded 17.1% increase in investments from GH¢3,613,879.00 in 2009, to GH¢4,231,162.00 in 2010.

The Vice Chairman also indicated that total assets increased by 33.4% in 2010, to GH¢13,572,760.00 from GH¢10,173,989.00, with Share Capital going up by 2.6% from GH¢310,251 in 2009, to GH¢318,211.00 in 2010.

Loans and advances, according to Mr. Opoku-Agyemang, registered a 45.5% increase, from GH¢4,159,451.00 to GH¢6,053,844.00.

Mr. Opoku-Agyemang further disclosed that the bank expended an amount of GH¢6,848.00 as social responsibilities for various communities in its catchment area, as well as committing   GH¢17,687.00 into the scholarships of 60 students under its scholarship scheme.

He noted that following the trend over the years the bank will grow its financial base in the ensuing years.

The Regional Manager of ARB Apex Bank, Mr. Seth Ankrah, noted that the impressive figures regarding the performance was commendable, and called for constant upgrading of networking to ensure survival.

The shareholders approved the report of the auditors, Messrs Asamoa Bonsu & Co., which endorsed the financial statements for the year under review by the bank, saying it gave a true and fair view of the state of the bank as at December 31, 2010.

A representative of the auditors, Mr. Richard Donkor, told the meeting that the audit was in accordance with the Companies Code, Act 179 of 1963, and the Banking Law Act 673 of 2004.

Nana Koduah Peprah IV, Krontihene of Kumawu and acting President of the Kumawu Traditional Council (KTC), referring to the 2011 report of the Second Quarter of the Efficiency Monitoring Unit of ARB Apex Bank Limited, with reference to Performance of Rural and Community banks in Ghana, as announced previously by the bank's Board Chairman, Dr. Kwabena Duffuor, commended the bank for placing 14th out of the 133 rural banks, and 10th of 24 banks in the Ashanti Region, in terms of total assets.

Mr. Asare Yeboah, on behalf of two others who were retained on the Board, thanked the   shareholders for the confidence reposed in them, by endorsing their retention on the Board, and gave the assurance that they would serve selflessly to ensure the growth of the bank.

Meanwhile, the Board and management of the Kumawuman Rural Bank have honoured four members of staff in recognition of their dedicated and selfless service to the bank over 10 years.

They are Cecilia Andam, Samuel Osei Frimpong, Raphael Titus Osei Bobbie, and Mrs.  Beatrice Bando Bekoe.