Asubonten Rural Bank improves its performance

Worawora (V/R), July 26, GNA- The Asubonten Rural Bank has been praised for its high performance, as it is had been rated the 29th best performing rural bank in the country by the ARB Apex Bank Ltd. The bank established at Worawora in the Jasikan District of the Volta Region seven years ago, is one of the fast improving rural banks out of the 120 rural banks nationwide.

Mr Emmanuel K. Kwapong, Managing Director of ARP APEX Bank, stated this in his speech read on his behalf at the fifth Annual General Meeting of the bank at Worawora last Saturday.

Mr Kwapong praised the bank for its performance and urged the management and staff to keep up their performance. He said the Apex Bank office at Hohoe would soon take delivery of a Bullion Van to be used in supplying specie to Rural Banks in the northern sector of the Volta Region. Mr Kwapong said the Apex Bank has acquired a soft ware for installation in all rural banks to enhance information and data processing and storage.

He said plans were under way to network all rural and community banks in the country to link up with the Apex Bank in a Wide-Area-Network in addition to a computerization programme, which has already taken place in four rural banks. The Managing Director stated that banking formed vital part of modern business practices, adding that, computerization and networking of the bank at rural and community levels would go a long way to facilitate the activities of the business community. Mr Kwapong called for the need for rural banks to embrace good corporate governance and urged the financial institutions to appoint competent and skilled personnel to their boards to enable them contribute meaningfully towards the growth of the banks.

In his Manager's operational report, Mr Joshua Odoom, said the Bank made a profit of 183 million cedis, representing fifty per cent increase in 2004, more that the 2003 figure of 122 million cedis. He said the total assets of the bank increased from 1.88 billion cedis, as at 31st December 2003 to 3.73 billion cedis as at 31st December 2004, representing 98.4 per cent.

Mr Odoom said net advances increased from 386 million cedis in 2003 to 652 million in 2004, an increase of 69 per cent. Nana Yaa Pokua I, Chairperson of the Board of Directors of the bank said the bank has overcome a lot of teething obstacles confronting it, as a result of the determination of the Board of Directors, shareholders and support from ARB Apex Bank.

He called on women in the area to organize themselves to access loans from the bank under its micro-finance scheme to enable them revive the pone-time vibrant market, which helped women to improve their economic activities.

Nana Pokuaa announced that the bank would soon open an agency at Dambai in addition to that of Hohoe, Kpandu and Katanga. Mr Amadu Dabo, Jasikan District Co-ordinating Director, who deputized for the District Chief Executive urged the management of the bank to evolve a strategy that could help them introduce new products, which would improve the standard of living of their customers. July 26 005