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Regional News | Mar 29, 2004

Nkoranza-Kwabre rural bank makes profit

GNA

Akuma (B/A), March 29, GNA- The Nkoranza-Kwabre Rural Bank realized a net profit of 104 million cedis last year. Mr. Donald Offei-Fosu, Chairman of the Board of Directors announced this at the 20th Annual General Meeting at Akuma in the Nkoranza district of Brong-Ahafo at the weekend. He said the bank's total deposits rose to 5.6 billion cedis and granted a total of 2.7 million cedis in loans and advances during the same period. The bank's ordinary shares now stands at 46 million cedis and has a fixed assets of 150 million cedis.

The Board Chairman said the bank offered loans to customers engaged in agriculture, food processing, inventory, trading and transport. Mr. Offei-Fosu advised the bank's shareholders to become customers in order to enjoy loan facilities. He expressed concern about how some customers who took loans from the bank refused to repay and cautioned such customers to change as management of the bank had planned to take action against them for recovery.

Mr. Kwame Ampofo-Twumasi, District Chief Executive advised the bank's management to look for other avenues and make investments for more profits. He said as interest rate on treasury bills was continuously going down, the authorities of the bank should not dwell much on treasury bills. Mr. Ampofo-Twumasi gave the assurance that the Nkoranza District Assembly would support the two rural banks in the district, Fiagya Rural Bank at Busunya and Kwabre Rural Bank at Akuma to enable the people to improve their living standards.

Mr. Godfred Kwaku Oppong, Secretary of the Brong-Ahafo Chapter of Rural Banks urged the shareholders to purchase more shares to increase the bank's capital base. He urged the bank's loan defaulters to repay the facility.

The Manager of the bank, Mr. Solomon Tachie announced that the bank had introduced the 'Anidaso' Micro Credit scheme to support people in the low-income group to improve their living standards. Mr. Oppong said about two billion cedis had been invested in the scheme and beneficiaries would repay either on weekly, fortnightly or monthly basis.

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