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01.08.2005 Business & Finance

Brakwa-Breman Rural Bank makes profit in 2004

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Brakwa Breman (C/R), Aug. 1, GNA - The Brakwa-Breman Rural Bank Limited (BBRB) made a net profit of 491.698 million cedis after taxation in the year 2004 as against 466.185 million cedis in 2003. Mr Emmanuel Kingsley Aye Obeng, chairman of the Board of Directors of the Bank announced this at the Bank's 20th Annual General Meeting at Brakwa Breman on Saturday.

The Bank's total deposit increased from 5.7 billion cedis in 2003 to 6.1 billion cedis in 2004, while its stated capital improved from 328 million cedis in 2003 to 400 million cedis during the year under review. The Board Chairman said the Bank gave out financial assistance totalling 7.46 billion to individual customers to go into agriculture, cottage industries, trading, transport, education and others areas in the year 2004 against 2.61 billion the previous year. He said women involved in cottage industries received the highest assistance from the Bank.

Mr Obeng said the Bank was sponsoring five brilliant but needy students to further their education, adding that two of such beneficiaries were currently undergoing university and tertiary education.

He said the Bank had declared that a dividend of 16 cedis per share, totalling 57 million cedis be paid to customers. In the year 2003 a dividend of 14 cedis per share was paid.

In a speech read for him, the Managing Director of the ARB Apex, Mr Emmanuel Kwapong commended management and staff of the Bank for their hard work that had brought them that far.

He said as at the end of June 2005, the total paid-up capital of the Bank stood at 402.8 million cedis.

Net loans and advances were about 4.9 billion cedis with total investment averaging 3.7 billion cedis. The Bank's total assets amounted to a little over 9.9 billion cedis, he said.

Mr Kwapong said the Bank's stated capital was a little short of the minimum requirement of 500 million cedis for new rural banks. "In spite of these impressive statistics, we appeal to all shareholders, since they are getting dividends, to increase their shareholdings to meet future demands for expansion". He said this share mobilization was critical to the Bank's survival and every effort should be made to boost further capital, adding that there was more room for improvement to make the Bank stronger in this competitive environment.