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19.10.2004 Business & Finance

Dangme Rural Bank increases profit

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Prampram, Oct 19, GNA - The Dangme Rural Bank recorded a net profit of 964 million cedis last year as against 702 million cedis the previous year.

Nii Dortey Abotsi III, Chairman of the Board of Directors of the Bank, who made this known at the its 19th Annual General Meeting (AGM) at Prampram over the weekend said last year's figure represented about 27 per cent increase.

Nii Abotsi said the bank's total assets rose from 10.2 billion cedis in the year 2002 to 14.9 billion cedis last year, representing an increase of 45 per cent.

Total deposits, he said, increased from 7.3 billion cedis in 2002 to 12 billion cedis during the period under review, reflecting a 63 per cent improvement.

The Board Chairman said the bank granted loans and advances to the tune of 4.1 billion cedis to its customers last year as against 1.9 billion cedis the previous year, an increase of 115 per cent.

Nii Abotsi pledged the bank's desire to concentrate efforts on its customer satisfaction, and improve shareholders' value.

He said plans were far advanced to open a mobilization centre at Lashibi by the end of the year, adding that the ensuing year would see the bank participating in the Credit With Education Scheme. It is a methodology in micro financing which was being adopted by most rural banks with technical support from Freedom From Hunger, Ghana, and the Association of Rural Banks Apex Bank Limited.

The Board Chairman assured the bank's numerous customers that it would expand its lending portfolio, especially, soft loans to workers, small business operators, and Susu customers, in the years ahead.

He commended the management and staff for their diligence, and dedication to duty, and pledged the bank's determination to continue to equip the staff and directors with skills to achieve excellence in all spheres of its activities.

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