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30.10.2005 Business & Finance

Weto Rural Bank records ¢167.3m profit.

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Kpeve (V/R) Oct. 30, GNA-The Efficiency Monitoring Unit of the ARB Apex Bank on the Performance Analysis by Capital Adequacy Ration has placed the Weto Rural Bank at 44th position out of the 120 Rural Community Banks in Ghana.

Mr Emmanuel Kwapong, Managing Director, ARB Apex Bank, stated this in a speech read on his behalf at the 19th Annual General Meeting of the Weto Rural Bank at Kpeve in the South Dayi district of the Volta Region. He commended the Bank for its interest in micro-finance activities, saying, " your action is about the surest way of bringing banking facilities to those without money in furtherance of government policies and national development."

Mr Kwapong advised the management of the bank to embrace the micro-finance concept with seriousness it deserve to save it from the effect of reduction rate in Treasury Bills.

The Managing Director urged the management of the bank to examine their strength, weakness, opportunities and determine their direction to enable the bank to achieve its corporate objectives in the coming year. He announced that the Apex Bank would soon introduce a new product known as "Efie ne fie" referred to as "Home Cash."

The funds mobilization product would enable customers to transfer money from urban to rural communities for the purpose of undertaking development projects in villages.

The Board Chairman of the Bank Mr David Yao Kludje, said even though the bank's profit of 167.3 million cedis was 47 percent lower than that of 2003, the bank has decided to pay a ten cedis dividend per a share amounting to 45.3 million cedis to shareholders. He attributed the 2004 profit decline to pre-tax profit and increase in staffing of the bank.

The Chairman said the assets of the bank rose from 3.8 billion cedis in 2003 to 5.8 billion cedis in 2004 representing an increase of 52.6 percent adding that its total deposits went up from 2.99 billion cedis to 4.36 billion cedis representing a 45.8 growth. Mr Kludje said the bank was able to open a branch at Kpando during the year under review, adding that the bank now operates in Kpedze, Hohoe and Kpando in addition to the Headquarters.

He said the bank's collaboration in micro finance with United Nations Industrial Development Organisation (UNIDO) resulted in the opening of a modern palm fruit and cassava processing factory at Adaklu.