Gomoa Rural Bank holds Annual General Meeting
Apam (C/R), June 26 GNA - The Gomoa Rural Bank at Apam in the Central Region made a net profit of 105.8 million cedis after taxation last year. The bank's net profit for the year 2003 after taxation was more than 248 million cedis.
The chairman of the board of directors of the Bank, Mr. Andrew Simpson who announced this at the 24th Annual General Meeting of the bank at Apam on Saturday attributed the shortfall in last year's profit to high operational cost and the reduction on interest rate of Treasurer Bills. Mr. Simpson said that the performance of the bank in the past three years was highly commendable considering its "chequered history", adding that, it was only 2003 and 2004 that dividend was paid to shareholders. He said however, that the bank's investments increased from 2.4 billion cedis in 2003 to 3.3 billion cedis in 2004, while its total assets also moved from 3.663 billion cedis in 2003 to 4.808 billion cedis in the year under review. Mr. Simpson said that the bank's total Deposits and Current Accounts increased from 2.627 billion cedis in 2003 to 3.542 billion cedis in the 2004.
In an address read for him the Managing Director of the ARB Apex Bank Limited, Mr. Emmanuel Kwapong said even though the profit for last year was not all that impressive as compared with the previous year, management of the bank should be commended for ensuring the continued survival of the bank. He said a rise in operating expenses from 457 million cedis to 628 million representing an increase of 37.4 per cent also accounted for the decreases in last year's profit.
Mr. Kwapong said the bank's total paid-up capital for the years 2003 and 2004 exceeded the minimum requirement for existing rural banks, but they are both far less than the requirement of 500 million cedis for new rural banks. He therefore, appealed to existing and prospective shareholders to acquire more shares to strengthen the capital base of the bank. The chief of Apam, Nana Adu Ephraim X, appealed to the bank to assist people to help improve their salt industry in the area to help reduce poverty.