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29.10.2013 Business & Finance

Kumawuman Rural Bank Makes Progress

By Daily Guide
Ghana CedisGhana Cedis
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The total assets of ser PPI – Boadiomena Nyarko in bus)ounced this at the launch of the producer price inflation for September

was 1.9 perceKumawuman Rural Bank hit over GH¢30.5 million at the end of December, last year, representing 63.4 per cent increase over GH¢18.6 million recorded the previous year.

Dr. Kwabena Duffuor, former Finance Minister and Board Chairman of the bank, said the remarkable growth was largely driven by the sharp rise in deposits.

The bank's deposits shot up to GH¢22.3 million from GH¢15 million during the period.

Dr. Duffour said this in an address read on his behalf at the bank's 20th Annual General Meeting (AGM) of the shareholders held at Kumawu in the Sekyere Afram Plains South District.

He informed the gathering that the bank's short-term investments grew by 35.4 per cent from GH¢5.2 million to GH¢7 million, noting that loans and advances also increased from GH¢9.4 million to GH¢11.5 million.

Dr. Duffour said the significant income growth impacted favourably on the profit before tax, which grew by 37.3 per cent from GH¢609, 345.00 to GH¢836,847.00.

The bank has supported community development projects and provided scholarship to brilliant but needy students.

So far 85 students in Senior High Schools (SHS) and tertiary institutions have benefitted.

Managing Director of the ARB Apex Bank, Kwadwo Aye Kusi, advised rural and community banks to remain innovative and introduce new products to sustain their operations, adding that they should also strengthen internal controls and risk management.

Dr. Nana Akowua Boamah, President of the Ashanti Regional Chapter, Association of Rural Banks, lauded the bank for the impressive performance and urged the directors and management to maintain strict discipline.

Nana Peprah Koduah IV, acting President of the Kumawu Traditional Council, encouraged loan beneficiaries to re-pay within schedule to enable others to enjoy the facility, noting that shareholders should also increase their shareholdings to raise the capital adequacy ratio. The bank rewarded 14 of its workers with cash prizes and certificates for long service.

 

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