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14.08.2005 Business & Finance

Twifo Rural bank makes profit

GNA

Twifo Agona (C/R) Aug. 14, GNA - The Twifo Rural Bank Limited made a net profit of 340,040,836 million cedis at the end of 2004 financial year as against 303,742,149 million cedis in 2003.

The bank also paid 58,500,000 million cedis as corporate tax revenue to the government last year as against 55,737,000 in the previous year.

Professor Paul Kingsley Buah-Bassauh, chairman of the Board of Directors of the Bank, announced this at the 13th annual general meeting of the bank on Saturday at Twifo Agona, on the theme: "enhancing micro finance in the rural community".

He said the Bank's total deposits rose from 5.1 billion cedis in 2002 to 10 billion cedis in 2003 but however dipped to 9.8 billion cedis in 2004,due to the low cocoa yield in its catchment area and that its paid up capital stands at 107,145,868 million cedis.

Professor Buah-Bassauh said the bank gave out financial assistance totaling 4.1billion cedis to individual and corporate customers to go into agriculture, cottage industries, trading, transport, funerals and others in year 2004 against 2.7 billion cedis in the previous year and that people in cocoa buying as well as women in cottage industries received the highest assistance from it. He said the bank had contributed immensely towards education and the self-help electrification programmes in the Twifo-Hemang-Lower Denkyira district.

Mr Emmanuel Kwapong, the managing director of the ARB Apex bank, in a speech read for him, commended the management and staff of the bank for their hard work, which has improved it operations and urged them not to rest on their oars but continue to achieve more successes. He also urged the bank to deepen and widen its outreach programmes and evolve innovative products to increase its commission and income. Mr Kwapong announced that the bank has embarked on the computerization of all rural banks in the country to ensure effective rural banking and that plans were far advanced to network all rural and community banks to link-up with the Apex Bank in a wider network. The District Chief Executive, Mr Samuel Agyeibi-Kesse, for his part, commended the bank for making profit in the year under review and assured it of the assembly's support and assistance.

Long serving staff and customers, including the deputy Minister of Local Government and Rural Development, Mr Abraham Duma Odoom were honoured for their contribution towards the development and growth of the bank since its establishment 20 years ago. 14 Aug. 05

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