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29.11.2004 Business & Finance

Kaaseman Rural Bank records profit

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Sefwi-Kaase (W/R), Nov. 29, GNA - Kaaseman Rural Bank at Sefwi-Kaase in the Western Region, had recorded a net profit of 1,873 billion cedis for the 2003 financial year, as against the 809 million cedis it realised in 2002.

The figure represents an increase of over 222 per cent thus placing the Bank in the second position after Lower Pra Rural Bank, on the national rating of the 119 Rural Banks.

Mr. Kwame Twumasi-Ankrah, Chairman of the nine-member Board of Directors announced this at the 16th Annual General Meeting (AGM) of Shareholders at Sefwi-Kaase at the weekend.

He said the Bank's total deposit increased from 20.7 billion cedis in the year 2002 to 29.4 billion cedis in 2003 showing an increase of 42 per cent over the previous year's deposits.

The bank's total loans and overdrafts increased from four billion cedis in 2002 to 8.3 billion cedis in 2003.

On investments Mr. Twumasi-Ankrah said one of the Bank's major income sources was short-term investment in Treasury Bills stressing that within the period under perspective the Bank invested a total of 10.8 billion cedis in Treasury Bills.

Mr. Twumasi-Ankrah said during the 2003/2004 Main Cocoa Crop season, the Bank purchased Akuafo cheques worth 171 billion cedis, hitting a record high as against the 52 billion cedis purchased a year before, representing almost 230 per cent increase.

On the Bank's social responsibilities, he said 29 million cedis was committed in support of development projects.

Mr. Twumasi-Ankrah said 18 million cedis was donated to Sefwi-Kaase community in support of an electrification project.

Mr. Richard Mettle Addo, Head of the Training Department, ARB Apex Bank Limited, said the Central Bank had facilitated the ability of the rural banks to invest funds of customers at very short notice. The AGM retained the old Board for another term of office.

Nana Kwadwo Badu, Chief of Sefwi-Yawmatwa who was the guest of honour asked the people to comport themselves before, during and after the December 7 polls to ensure the success of Election 2004.

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