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25.10.2004 Business & Finance

Nandom Rural Bank makes profit

By GNA

Nandom, (UW/R) Oct. 25, GNA - The Nandom Rural Bank Limited, made a net profit of 501.7 million cedis last year as a against 346.5 million cedis in 2002.

This shows an increase of 155.2 million cedis or 44.8 per cent higher than the profit of 346.5 million cedis the bank made in 2002. This was announced by Mr Jacob B. Yirerong, Board Chairman of the Nandom Rural Bank when he addressed the 22nd annual general meeting of the bank at Nandom on Saturday.

He said 63 million cedis has been allocated for payment as dividend to all shareholders.

Mr. Yirerong also reminded the shareholders that, 66.18 million cedis, out of 83 million cedis being unclaimed dividends for previous years, are still on the banks records.

The addresses of some of the shareholders are not reliable, while some do not attend meetings of the bank, with some possibly dead. The board chairman announced that last year the bank granted a credit of 2.34 billion cedis to 87 women groups in its catchment area with a total membership of 2,099.

He said during the same period, the women made a combined savings of 154.65 million cedis making it an average saving of 73,926 thousand cedis per woman.

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