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21.11.2004 Business & Finance

Amansie West Rural Bank declares profit

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Antoakrom (Ash.) Nov. 21 GNA - The Amansie West Rural Bank made a profit before tax of 1.1 billion cedis on its operations last year, Captain Moses Kyerematen (Retired), Chairman of the Board of Directors, has announced.

The figure, he said, represented a 40 percent increase of the previous year's 817.3 million cedis.

Captain Kyerematen was addressing the 18th annual general meeting of shareholders of the Bank at Antoakrom on Saturday. He said the year under review saw significant improvement in their savings mobilisation as total deposits rose to 14.4 billion cedis from 8.7 billion cedis. At the same time its assets grew from 11.7 billion cedis to 18.7 billion cedis.

The purchase of Akuafo Cheques by the bank went up to 25 billion cedis from 15 billion cedis in 2002, while loans and advances increased by 60 percent from 2.8 billion cedis to 4.5 billion cedis. Captain Kyerematen said to help expand the bank's capital and deposit base, its Amakom branch was being relocated to Fanti New-Town in Kumasi An Agency was also to be opened at Ahodwo-Daaban, he said, adding that feasibility studies carried out by the bank showed that the area had enormous economic viability.

The Board Chairman spoke of plans to computerise its operations and said already, a computer laboratory had been set up at the main office at Antoakrom.

He said in fulfilment of its mission statement of recycling to help develop its catchment area, it had spent various amounts totalling about 70 million cedis to meet the education, health and other needs of the people.

Alhaji Amadu Muntia, Head of Banking Supervision of the Bank of Ghana, noted that rural banks were becoming bigger and sophisticated and therefore there was the need to have people with expertise on their Boards.

He said the Board was the brain of the institution and if it had a high calibre of experts serving on it management could not play games with it and thereby reduce incompetence and malpractices. Mr E.Y. Amoako, acting Head of Banking Operations and Treasury, ARB Apex Bank, drew attention to the need for the bank to increase its capital base, saying, that would give it strength as a financial institution.

Mr Ben Kwakye-Adeeyefe, Amansie West District Chief Executive, praised the bank for its contribution towards improving the economies of the rural population of the area 21 Nov. 04

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