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17.11.2005 Business & Finance

Atwima Mponua records decrease in Profit

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Toase, (Ash), Nov. 17, GNA - The Atwima Mponua Rural Bank recorded a shortfall in profit, making 879.317 million cedis before tax as against 1.8 billion cedis recorded the previous year. Mr Benjamin Bekoe Yirenkyi, Chairman of the Board of Directors of the bank, who announced this attributed the shortfall to the expansion of infrastructure and the computerization programme being undertaken by the bank.

Addressing the 21st Annual General Meeting of the bank at Toase, near Nkawie in the Atwima Nwabiagya District of Ashanti last Friday, he said in-spite of the low profit recorded, the bank has proposed 400 cedis per share as dividend and has therefore set aside 69.381 million cedis for the payment of dividends.

He said however that, the bank recorded a strong growth, increasing its total assets from 23.2 billion cedis to 31.4 billion cedis. Mr Yirenkyi said the bank spent 125 million cedis on the provision of streetlights and roofing sheets for the Nerebehi Integrated Community Centre for Employable Skills (ICCES), water pump for the Toase Secondary School and the Toase community itself.

The bank, he said granted scholarships to over 100 pupils at the basic school level and 13 at the senior secondary school level in its catchment area.

The Board Chairman announced the introduction of a micro finance product named "Asetenahpa" to assist petty traders and cottage entrepreneurs, who have no access to banking services. Mr Yirenkyi made a passionate appeal to the Ghana Cocoa Board (COCOBOD) to ensure that its purchasing clerks used the Akuafo cheques to pay their farmers so that they could avail themselves of banking facilities.