29.08.2013 Business & Finance

Bawjiase Rural Bank records huge profits

By Daily Graphic
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The Bawjiase Area Rural Bank made a significant profit of GH¢986,044 in 2012 as against GH¢727,772 in 2011.

This was contained in a report read by the Board Chairman, Mr Emmanuel Osei, at the bank's 23rd annual general meeting at Bawjiase.

According to Mr Osei, the profit before tax represented a 35.5 per cent increase over that of the previous year.

'Corporate tax on our profit for the year under review was GH¢72,693, leaving a profit after tax, of GH¢913,351 as against GH¢674,218 in 2011,' he disclosed.

Mr Osei said the bank had set aside GH¢18,267 representing two per cent of its profit for 2012 to be paid into its scholarship fund to cater for brilliant needy pupils in its catchment area.

'The paucity of our assistance to communities and institutions in our operational area was a result of projects being undertaken by the bank at Kasoa and also of the intent to deepen our microfinance operation,'  he said.

He further announced that the bank intended to roll out a new product dubbed 'OBIBE KIAMA' to its microfinance clients in the third quarter of this year to ensure sustainability, as the microfinance programme was the hub of its operations.

In an address read on his behalf, the Managing Director of ARB-Apex Bank, Mr Kwadwo Aye Kusi, lauded the board, management and staff of the bank for their hard work and urged them to keep it up.

He disclosed that ARB-Apex Bank was developing a strategic plan for the 2014-2018 period to provide efficient services to the rural and community banks.

By Ekow Yamoah/Daily Graphic/Ghana

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