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26.07.2004 Business & Finance

Worawora Rural Bank increases its profit

By GNA

Worawora (V/R), July 26, GNA - The Asubonten Rural Bank at Worawora increased its net profit from 60.6 million cedis in 2002 to 122 million cedis in 2003, representing an increase of 101.6 percent. The bank's deposit also grew by 48.9 percent from 769.6 million cedis in 2002 to 1.147 billion cedis in 2003.

Nana Yaa Pokuaa, Oyokohemaa of Worawora and Chairperson of the Board of Directors, said this at the Fourth Annual General Meeting of shareholders of the Bank at the weekend.

She said advances to customers grew from 177.1 million cedis in 2002 to 392.7 million cedis in 2003, adding that, 385.8 million cedis of the amount was in the form of loans to 344 customers. The beneficiaries included transport owners, farmers, traders and salaried workers.

Mr Joshua Odoom, Manager, said the Bank had opened agencies at Kpando and Hohoe and a mobilization centre at Katanka in the Kete Krachi district.

He said the Bank recovered 90 per cent of the loans. Mr Odoom called on the defaulters to redeem their indebtedness to enable others to benefit.

In a speech read on his behalf, Mr Emmanuel Kwapong, Managing Director of ARB APEX Bank Limited, congratulated the Bank for its achievement and urged it to open more agencies.

He said with the exceptional performance of the Apex Link Domestic Fund, a new product to be called Home Sweet Home (Efie ni Fie) would be launched to assist settler groups to save in their hometowns and villages.

Mr Solomon Kwame Donkor, Jasikan District Chief Executive, charged staff of Rural Banks to abide by their professional ethics and refrain from disclosing the accounts and transaction of customers to the public. He said the District Assembly had secured a 250 million-cedi facility from the Ministry of Women and Children Affairs for women's groups.

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