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29.11.2009 Business & Finance

Wamfie Rural Bank records profit

By gna
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Wamfie, (B/A) Nov. 29, GNA - The Wamfie Rural Bank Limited declared a net profit of GHC 66,909.53 at the end of its 2008 operational year.

The amount is about 27.97 per cent more than the previous year's figure of GHC 52,286.08, Mr. Herbert Morrison Adjei, chairman of the Board of Directors, announced in his report at the bank's 27th annual general meeting at Wamfie in the Dormaa East District, of Brong Ahafo Region.

He said the bank's total assets increased from GHC 3,110,574.80 in December 2007 to GHC 3,194, 581.31 in December 2008, showing a percentage increase of 2.70 per cent.

Mr. Adjei admitted that the phase of banking was changing fast in the country; hence the bank had no alternative than to adapt to current dynamics and the tide of e-banking.

He, therefore, stated that after environmentally face-lifting their banking halls to make them computer-friendly, the bank would respond by investing in e-equipment and e-infrastructure like computers, scanners, installation networks among others, to enable the bank to meet the changing needs of today's highly competitive banking industry.

The Board Chairman said to maintain their comparative advantage and safeguard the interest of stakeholders, the bank would continue to ensure good corporate governance and ethics, compliance with statutory requirements and the Bank of Ghana (BoG)/ Association of Rural Banks (ARB) Apex Bank directives and improve internal control measures.

Mr. Eric Osei-Bonsu, Managing Director of the ARB Apex Bank Limited, in a speech read for him, emphasized that rural banks had a lot to do by way of organizational and operational restructuring, especially in the areas of migrating from manual operations to embracing information and communication technology interventions; effective deposit mobilization; credit administration; cost control and reduction.

These, he said, would enable rural and community banks (RCBs) to meet the challenges of the changing, competitive and turbulent business environment.

Mr. Kofi Bonsu Boakye-Boateng, Vice President, Brong Ahafo Chapter of the ARBs-Ghana, reiterated that the aggressive competition in the banking sector required that "rural banks should do all it takes to keep their old existing customers by treating them as Queens and Kings."

He stressed that the rural banks needed to show respect and courtesies to all their customers irrespective of the levels of their deposits.

Mr. Boakye-Boateng, therefore, urged the board and management to consider stationing "very qualified and experienced staff" at the agencies so as to create good public image to new customers whilst treating old customers also with courtesy and extra care in the provision of services.

The occasion was also used to commission a library project undertaken by the bank, in fulfilment of its corporate social responsibilities.


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