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20.12.2004 Business & Finance

Mponua Rural Bank records over 400 million cedis profit

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Amuana Praso(E/R) Dec 20, GNA - The Mponua Rural Bank in the Birim North District in the Eastern Region, recorded a net profit of 482.3 million cedis last year, as against 256.9 million cedis in 2002, representing an increase of 53 per cent.

The Bank was able to honour its corporate tax liabilities of 43.3 million cedis and raised its assets from 7.4 billion cedis two years ago to 11.9 billion cedis last year. This include an investment of 3.1 billion cedis in government's treasure bills and bonds,

Mr Daniel Kwame Ansong, Chairman of the Board of Directors, announced this at the Bank's 12th Annual General Meeting at Amuana Praso.

He said loans and over-drafts granted to its customers went up from 2.1 billion cedis in the year 2002 to 5.1 billion cedis last year, while bank deposits rose from 6.3 million cedis in 2002 year to 10.2 million cedis in 2003.

The Bank's capital assets also increased from 135.2 million cedis in 2002 to 146.7 million cedis in 2003 and was able to purchase 9.8 billion cedis of Akuafo Cheques during the 2003/2004 cocoa season.

Mr Ansong appealed to customers of the Bank to pay back loans granted loans to them to enable others to benefit from the facility. He urged all shareholders to increase their share capital to enhance the capital base of the Bank.

Mr Charles Pinkrah, Head of Information and Communications Technology of the ARB Apex Bank, said the Bank had embarked on a project to computerize the operations of all rural banks within the next two years.

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