26.09.2004 Business & Finance

Ada Rural Bank doubles profit.

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Big Ada, Sept. 26, GNA -- The Ada Rural Bank doubled its net profit from 228 million cedis in 2002 to 455 million cedis last year.

Nene Gaduga Osrama IV, Chairman of the Board of Director of the bank who disclosed this at the 19th Annual General Meeting (AGM) at Big Ada over the weekend said total assets increased from 6.56 billion cedis to 9.47 billion cedis during the same period under review.

Nene Osrama said the bank's deposits also rose from 5.78 billion cedis in 2002 to 8.13 billion cedis last year.

He stated that a total amount of 1.39 billion cedis was disbursed as loans and other forms of credit at the end of last year with the highest amount of 832 million cedis going to salaried workers.

Commerce, he said, followed the list with 472 million cedis, trailed by agriculture taking an amount of 243 million cedis.

Nene Osrama indicated that the repayment of the bank's facility by non-salaried workers had been very disappointing, adding that the situation was seriously affecting its ability to grant more credit facilities.

The Board Chairman intimated that in its desire to help the Dangme East District to develop, the bank made donations totalling 19.5 million cedis in the areas of health, education and other institutions. He noted that considering its unique location within the fishing and salt mining area of the district, the future of Ada Rural Bank remained bright, prosperous and very promising.

"We have embarked on deposit-mobilisation and loan-recovery drive, as part of our strategies for the future," Nene Osrama disclosed, adding that the exercise would be maintained throughout the ensuing year.

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