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11.09.2004 Business & Finance

Nwabiagya Rural Bank makes 3.17 billion cedis profit

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Barekese (Ash), Sept 11, GNA - The Nwabiagya Rural Bank at Barekese in the Atwima District of Ashanti, made a pre-tax profit of 3.17 billion cedis for 2003 as against the pre-tax profit of 1.50 billion cedis in 2002.

Following this impressive achievement and the increase in the volume of shares, the dividend had been raised to 150 cedis per share as against 120 cedis per share paid in 2002.

Nana Owusu Sarfo-Anwona, acting Chairman of the Board of Directors of the bank, announced this at the 16th annual general meeting of the bank at Barekese on Friday.

He said the bank's deposits rose from 16.4 billion cedis in 2002 to 27.5 billion cedis in 2003, showing a 68 per cent increase, while investments also rose from 12.2 billion cedis in 2002 to 17.6 billion cedis in 2003.

The acting Board Chairman said the total assets of the bank rose from 22.4 billion cedis in 2002 to 37.4 billion cedis in 2003, while the share capital jumped from 210.5 million cedis in 2002 to 658.8 million cedis in 2003.

The bank, Nana Sarfo-Anwona said gave out loans and advances totalling 8.04 billion cedis in 2003 as against 4.85 billion cedis in 2002.

The special 'susu' scheme introduced by the bank in November last year with seven collectors, he said, brought in a total of 120 million cedis and that a second team which was inaugurated in February this year to operate at the Suame Magazine area brought in a total of 1.479 billion cedis as at the end of July, 2004.

Nana Sarfo-Anwona said the bank spent 112.558 million cedis on development in its catchment areas and that the bank was contemplating opening a new agency at Anloga-Aboabo Junction in Kumasi and that feasibility studies were almost completed.

He said the bank purchased Akuafo cheques to the tune of 7.934 billion cedis as against 1.6 billion cedis in 2002 and reiterated his appeal to the government to enact a law to back the decision of getting all produce clerks to purchase cocoa with cheques to eliminate the improprieties of finances in the cocoa industry.