The Union Rural Bank (URB), with its headquarters in Senya Bereku in the Central Region, has been rated as one of the performing community banks in the country and the eight best in the Central Region.
Speaking at the Nineth Annual General Meeting of the bank at Senya Bereku, Mr S. Twumasi Ankrah, Manager, Effiency Monitoring Unit of the ARB apex bank commended the bank for posting one of the best financial results in the region.
Mr Twumasi Ankrah commended the bank for declaring profit before tax of GH¢ 190,309 as against GH¢ 97,590 achieved in 2009, representing an increase of 95 per cent, which he described as remarkable.
Even though he said the other financial indicators recorded were impressive, Mr Twumasi Ankrah still believed there was more room for improvement in terms of commission and fee-based income, other operating income in relation to product development and the recovery of clients’ overdue loans.
He therefore appealed to the management of the bank to improve their services on commission and fee-based products, develop more products that are demand- oriented to diversify the bank’s income streams, take calculated risks by granting more loans and advances to their clients and pursue all defaulting borrowers for them to settle their indebtedness to the bank.
Mr Twumasi Ankrah, however commended the board, the general manager and his management team for the visionary leadership, the staff for their hard work and dedication, the customers for their patronages and the shareholders for their commitment which had contributed immensely to the attainment of the impressive performance of the bank.
In his address, the first vice Chairman of the bank Rev. DCOP David Ampah Benin announced that the bank’s total deposits rose from GH¢ 3,424,562 in 2009 to GH¢3,877,531 representing 13 percent while total assets shot up from GH¢5,008,584 in 2009 to GH¢9,161,963 in 2010 representing 82 percent.
Nneyin Kofi Brebo IV, the acting President of the Senya Traditional Council, in his remarks commended the late Mr Kwesi Essel Koomson the Founding Chairman of the Bank and his able men for bringing URB to Senya Bereku, an act which has reduced the level of poverty among the people.