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08.08.2004 Business & Finance

Jomoro Rural Bank declares 747 million cedis profit

By GNA

Tikobo No. 2 (w/r), Aug. 8, GNA - The Jomoro Rural Bank on Saturday declared a profit of 747 million cedis, before tax for the 2003 financial year.

This represents an increase of 445 per cent as compared to the profit for 2002, which stood at 137 million cedis.

Nana Namoaka Arizie III, Board Chairman disclosed these at the banks 10th Annual General Meeting held at Tikobo number two in the Western Region.

He said 100 million cedis have been released as shareholders dividend for the year.

He said the bank granted loans totalling 2.98 billion cedis within the same period to its customers, while 836.8 million cedis was granted in 2002.

Nana Arizie, who is also the Chief of Tikobo Number Two, said the bank shifted from the individual loans to micro-finance projects and has introduced "Mmoale Eku" for its customers.

He said the Mmoale Eku project has proved successful and the bank hopes to encourage more customers to join the project.

Nana Arizie said though the Half Assini Secondary School, the Catholic school at Elubo, Tikobo Numbers One and Two townships have benefited from the banks social responsibility budget, it has not been consistent.

In a speech read on his behalf, Mr Emmanuel K. Kwapong, Managing Director of the ARB Apex Bank said the ARB Apex Bank had procured banking application software, which will soon be installed in all existing rural banks to ensure uniformity in the operational process of all rural banks in the country.

He said the ARB Bank would work closely with all rural banks in the country and ensure that, their services meet the expectations of the financial sector as well as their clients.

Mr Kwapong said the Apex Link Money transfer is faster and quicker and appealed to all traders to patronise it, instead of travelling with large sums of money.

Mr Martin Y. Ackah, District Chief Executive for Jomoro commended the management of the bank for their continual support for the Poverty Alleviation Fund (PAF) and urged the staff to take their work more seriously.

He said their commitment to work, friendliness and customer satisfaction, would enable the bank to win more customers.

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