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14.10.2003 Business & Finance

Bank records drop in profit

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Toase (Ash), Oct 14, GNA- The Atwima-Mponua Rural Bank recorded a drop in profit realising 1.1 billion cedis after tax as against 1.2 billion cedis recorded in 2001.

Mr B.B. Yirenkyi, Chairman of the Board of Directors of the bank who said this at the 19th Annual General Meeting of the bank at the weekend attributed the fall to the discount rate of government treasury bills and the general fall in lending rates.

He said the bank gave out 2.7 billion cedis as loans and overdraft to 1,304 customers.

The bank's deposits, Mr Yirenkyi said, increased from six billion cedis to eight billion cedis while its share capital rose from 57 million cedis to 108 million cedis.

He said the bank purchased six billion cedis worth of Akuafo Cheques as against three billion cedis in 2001.

On community development, Mr Yirenkyi said the bank gave out 25 million cedis to some communities and institutions and gave scholarships to 60 pupils in Junior Secondary School (JSS) and Senior Secondary Schools (SSS).

Mr Philip Cobbinah, Deputy Chief Manager, Banking Supervision Department of the Bank of Ghana (BoG), asked rural banks to liaise with the Ministry of Food and Agriculture (MOFA), the Private Enterprise Foundation (PEF) and other institutions to design programmes that will introduce customers to income generating activities.

Such activities, he said, would support the President's Special Initiatives on Palm Oil and Cassava.

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