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21.02.2005 Business & Finance

Buisa Rural Bank records profit

By GNA

Sandema (UER), Feb. 21, GNA - The Builsa Community Bank, at Sandema in the Upper East Region, recorded a net profit of 416 million cedis in 2004, representing an improvement in the profit margin of 388,314,420 netted in 2003 and 260,448,110 in 2002, Mr Cletus Achaab, Chairman of the Board of Directors who made this known in an address at the Sixth Annual General Meeting of the Bank's Shareholders at Sandema at the weekend said the profit margin was the result of some poverty reduction strategies it adopted and a vigorous loan recovery exercise.

The Bank's total assets increased from 5.5 billion cedis in 2002 to 6.3 billion cedis in 2003.

He said even though the Bank's ordinary share capital had increased from 188.4 million cedis in 2002 to 204.9 million cedis in 2003, it was still far below the minimum share capital of 500 million cedis required by the Bank of Ghana.

He appealed to people in the area to buy more shares and urged the shareholders to increase their shareholding. Mr. R. M. Adoo, Head of the Training Department of the Association of Rural Banks said the Bank would assist rural banks to provide skill training to the youth in order to stem rural urban migration in the District.

He said the Bank would also train project officers of rural Banks to build their capacity to handle various vocations like beekeeping, and aquaculture.

Mr Adoo said this year the Bank would make efforts to enhance group formation, dynamics and animation for rural dwellers to enable them get assistance through schemes like the Ministry of Women and Children Japanese Fund, Social Investment Fund and Special Farmers Assistance loans.

Reverend James Agalick, Builsa District Chief Executive urged the Bank to provide credit facilities to farmers in remote communities. The Bank honored its best customer, Madam Abena Apam and best worker, Mr George Adum with prizes.

Madam Hawa Sule, a customer and Mr Joseph Abowin, member of staff were also awarded for being the second best.

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