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19.11.2008 Business & Finance

Nyankumasi Rural bank Records Profit

By GNA -

THE Nyankumasi Ahenkro Rural Bank in the Assin South District has declared a profit after tax of GH¢60,405,00  in 2007 as against GH¢42,050,00  in 2006.

Lt-Colonel Nicholas Andrew Otoo (Rtd), vice chairman of the Board of Directors of the bank, said this at the 22nd Annual General Meeting  of the bank at Nyankumasi Ahenkro at the weekend.    

He said the bank's deposit rose from GH¢610,700.00  in 2006 to GH¢811.502 in 2007, an increase of 25.8 per cent.

Assets of the bank increased from GH¢878,017.00  in GH¢1,153,666.00 in 2007. It gave out loans and advances totalling GH¢615, 000, 00  in 2007 as against GH¢320,000.00 in 2006,

The bank disbursed GH¢558,150.00  in 2007 as against GH¢390,150.00  to groups and individual customers under the micro finance project to expand their businesses.

He said the bank bought GH¢692,000.00 Akuafo cheques from cocoa farmers in 2007 as against GH¢380,000.00 in 2006.

Mr. Eric Osei-Bonsu, Managing Director of ARB Apex Bank, said in a speech read for him that the performance of most rural banks had been encouraging as they had consistently registered an impressive deposit mobilisation and increase in share capital.

He urged the banks to improve their customer care to enhance their operations and avert losing their potential customers to the big banks.

Mr. Osei-Bonsu said the sign-on fee required had been paid by Apex Bank to pave the way for rural and community banks to participant in the e-zwich programme introduced by the Bank of Ghana (BOG).

Mr. Kweku Acquaah, president of the Central Regional chapter of the Association of  Rural Banks, reiterated the call on the shareholders to buy more shares to increase the bank's capital to GH¢150,000  as required by the Bank of Ghana.