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19.07.2018 Business & Finance

Bawjiase Area Rural Bank Declares Its Profit

By GNA
Bawjiase Area Rural Bank Declares Its Profit
LISTEN JUL 19, 2018

The Bawjiase Area Rural Bank with its headquarters at Awutu Bawjiase has recorded a growth of GH¢1.8 million profit before tax in 2017 representing 13 per cent increase over the 2016 profit of GH¢1.6 million.

The bank increased its profit from GH¢1,650,150 in 2016 to GH¢1,865,134 million in 2017.

It also paid a total tax levy of GH¢555,937 to the Ghana Revenue Authority while seeing a growth of its total assets increase from GH¢31,036,966 in 2016 to GH¢35,811,370 in 2017, which represent about 15 per cent.

Mr Moses Sankofi, the Chairman of the Board of the Directors of the Bank, made this known at the 28th Annual General Meeting of the shareholders of the bank at Awutu Bawjiase in the Central Region.

He said the chunk of the increase can be attributed to short-term investment in securities which increased from GH¢12,990,005 in December 2016, to GH¢16,984,951, representing about 30 per cent increase.

Mr Sankofi said loans and advances disbursed to customers during the year under-review amounted to GH¢38,264,950 in microfinance loans, commercial, personal and agricultural sector and overdrafts.

He said the Board of Directors proposed payment of dividend of GH¢360,000, which would go for 0.0402 per share, representing about 15 per cent increase over the declared dividend of 0.0349 per cent share for 2016.

The Board Chairman said the bank in conjunction with ARB APEX Bank Limited would introduce new electronic products such as 'Agency Banking' before the close of this year to improve deposit mobilisation drive of the bank.

Mr Kojo Mattah, the Managing Director of the ARB APEX Bank, in speech read on his behalf, congratulated the Bawjiase Area Rural Bank for its performance, which placed it at the second position out of 20 banks on the Central Regional level and 12th position on the national level out of 142 Rural and Community Banks as at March, 2018.

He said with the stated capital requirement of GH¢2.3 million by the Bank of Ghana, the bank has already complied with the GH¢1,000,000 capital requirement set for December 31, 2017.

Mr Mattah commended the bank's profit growth, considering the challenges in the banking sector for the year under-review.

He appealed to customers who have borrowed from the bank to repay the loans for others to also benefit from the facility.

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