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12.07.2004 Business & Finance

Akuapem Rural Bank re-packaging products to meet needs

By GNA

Mamfe-Akuapem, July 12, GNA - The Akuapem Rural Bank (ARB) is repacking its existing products to make them more appropriate to the needs of its customers and prospective customers. It is also widening its project coverage to embrace small-scale producers, churches, artisans of all kinds and cottage industry operators.

The Chairman of the Board of Directors, Dr (Mrs) Gloria Nikoi, announced this at the bank's 23rd Annual General Meeting at Mamfe-Akuapem on Saturday.

She said the bank's flagship product, AKUSIKA Susu product, would be extended through its Banking-on-Wheels programme to reach most of the communities and villages on the Akuapem Ridge.

The bank, for the first time in its history, recorded a pre-tax profit above the one billion-cedi mark by achieving 1.82 billion cedis as against the 815 million cedis in 2002 showing an increase of 123 per cent.

Total assets increased by 58 per cent from 15.5 billion cedis to 24.5 billion cedis as deposits grew from 11.149 billion in 2002 to 16.691 billion cedis, the bulk of which came from its AKUSIKA product. The bank also has a Students' Savings Scheme, Women in Development (WID) and Banking-on-Wheels products through which loans and advances grew by 63 per cent from 3.2 billion cedis to 5.2 billion cedis.

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