Bawjiase Area Rural Bank records profit in 2011

Awutu Bawjiase (C/R) Aug 19, GNA - The Awutu Bawjiase Area Rural bank made a profit before tax of 727,772 Ghana Cedis in the year 2011 as against 673, 686 Ghana Cedis in 2010, representing 13.1 percent increase.

Mr Emmanuel Osei, Chairman of the Board of Directors of the bank, made this known at the 22nd Annual General Shareholders Meeting of the bank at Awutu Bawjiase in the Central Region on Saturday.

He said the bank's total deposit increased from 6,544,597 in 2010 to 7,874,877 in 2011, an increase of 19.4 percent.

Mr Osei said the total assets of the bank improved to 11, 097,453 Ghana Cedis in 2011as against 9,253,959 in the year 2010.

The Chairman said the bank granted loans amounting to 5,112,955 in 2011 as against 4,728,371the previous year saying that micro finance constituted over 76 percent of the loans disbursed to customers.

He said the share capital of the bank increased from 850,270.00 Ghana in 2010 to 1,109,875 Ghana Cedis in 2011.

According to the chairman, the board proposed payment of dividend of 0.0183 Ghana Cedis per share, amounting to 140,000 to shareholders, adding that the bank voted 13,475.99 Ghana Cedis to be used as scholarship fund to support brilliant but needy students in its catchment area.

Mr Duke Osam-Duodu, Acting Managing Director of the ARB Apex Bank in a speech read for him commended the bank for its impressive performance in the past years.

He advised the board to institute a risk management policy to identify, assess, monitor and control operational and credit risk to improve efficiency of the bank.

Mr Osam-Duodu said the Apex bank is working assiduously to resolve teething problems to enable the bank offer quality services to its clients at minimum cost through introduction of electronic product-mobile and SMS banking to increase it income streams.

GNA