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05.08.2013 General News

Juaben Rural Bank Records GH¢1,803,288.00 Profit

05.08.2013 LISTEN
By Ghanaian Chronicle

From Sebastian R. Freiku, Juaben-Ash
 
THE JUABEN Rural Bank recorded a profit before tax of GH¢1,988,436.00 from which an amount of GH¢185,148 was paid to Ghana Revenue Authority as tax leaving a net profit of GH¢1,803,288.00.

The bank, also consolidated its strength in profitability and recorded an appreciable annual operating profit of GH¢1,988,436 as compared to GH¢1,212,044.57 realised in 2011 representing a percentage increase of 64.1%, the Board Chairman, Kwabena Asante Krobea has announced  at the  28 th Annual General Meeting of shareholders of the bank at Juaben.

According to the Chairman, out of the 133 rural /community banks in the country, Juaben Rural Bank was ranked amongst the 12 strong banks nationwide by the Efficiency and Monitory Unit (EMU) of the ARB Apex Bank Ltd while placing 2 nd in Ashanti and 4 th in the national ranking in terms of profit.

The bank also improved on its enviable positions in the prestigious Club 100 awards by moving upwards to 27 th from 31 st position in 2011. 'Your Bank received award at the 2012 Annual Achievers Awards by the African Regional Magazine for being the most profitable rural financial institution in the Ashanti Region', the Chairman declared.

The Chairman attributed these striking feats for the bank as a direct result of pragmatic polices and prudent management of the bank's resources.

He said the Board of Directors has proposed GH¢0.050 per share amounting to GH¢494,615.20 which represents 27% of the declared profit and that  out of the authorised shares of 10,000,000, at the end of May 2013, 9, 939, 726 shares had been subscribed.

The Board Chairman also indicated that the Bank was alive to its corporate social responsibilities in the areas of education, health and sanitation, agriculture (farmer's awards) and that 34 students are currently under the sponsorship of the bank for which a total amount of GH¢38,193.00 had been spent on the package.

As promised at the last A G M, the ninth branch of the Bank at Atimatim is slated for opening very soon.

Mr. Yaw Sarpong, an official of the ARB Apex Bank Ltd, who represented the Managing Director, commended Juaben Rural Bank for being among the best in Ghana. 'For the past 10 years your bank keeps on growing due  to prudent measures put in place by the managers', Mr. Srapong observed.

He, however, advised the authorities of the bank to device strategies and polices to sustain its growth.

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