Bawjiase Area Rural Bank Turns Focus On Poverty Alleviation
Chairman of the Bawjiase Area Rural Bank Limited, Mr. Samuel Dodd has said that the Bank would continue to support customers in its catchment area and even beyond to expand their businesses thus reducing poverty drastically
At its Annual General Meeting at Awutu Bawjiase in the Central Region, Mr. Dodd stated in his address that sufficient loans were being disbursed to individuals and groups of people to boost their economic activities.
" In the year under review, Bawjiase Area Rural Bank Limited disbursed Ghc 35,592,850.00 as Micro Finance Loans with a total of Ghc 5,122,000.00 as Commercial and Personal Loans. Additionally, Ghc 2,565,862.00 was given out to our customers as Overdrafts. All these amounted to Ghc 43,280,712.00
It is important to note that the chunk of these loans was given to the Micro Finance groups and is aimed at reducing extreme poverty within the Bank's catchment areas as is consistent with our mission.
It is also worthy to note that loans disbursed to these sectors have a near 100%recovery rate. This improving the quality of the Bank's loan Portfolio"
On 2818 Financial Performance, Mr. Samuel Dodd disclosed that the Bank recorded a growth in its total assets by 11.92% increasing from Ghc 35,779,038 in 2017 to Ghc 40,043,107 by close of 2018.
"In terms of profit before tax, the bank recorded an increase of 4.50% increasing from Ghc 1,865,134 in 2017 to GHC1,948,328
Total operating income increased from Ghc 7,317,687 to Ghc 7,964,532 an increase of 8.8%. While total deposit increased from Ghc 24,936,687 to 27,973,541 representing 12% growth in increase. Our net profit after tax also increased from Ghc 1,309,198.00 in 2017 to Ghc 1,457,253.00 in 2018. Mr. Samuel Dodd noted.
"I want to assure the general public especially our cherished shareholders that Bawjiase Area Rural Bank Limited is very strong and resilient and has met all the prudential requirements by the Bank of Ghana.
It is among the strongest Rural and Community Banks in Ghana. Your Bank currently is ranked number 5 out of 144 Rural and Community Banks by the ARB Apex Bank Limited in their quarterly Efficiency Monitoring Unit report as at the close of March 2019.
This is an improvement from the 18th position the Bank was placed in December 2018"
The Head of Legal and Compliance Unit of ARB Apex Bank Limited, Mr. Curtis Brantuo in his address noted that the success of ARB Apex Bank Limited was inextricably linked to the success of members the Rural and Community Banks .
" That Explain why we are always very hard to introduce many projects which would help to improve business process and help diversify the income streams of Rural and Community Banks.
The ARB Apex Bank Limited has therefore introduced Roll-out of Agency Banking and it would soon be launched into operation.
This 8 Million US Dollar grant from the World Bank is to enable our customers to access a myriad of Banking Services without necessarily going to our banking halls to transact businesses.
Mr. Curtis Brantuo further stated " It is expected to also bring the needed panache and sense of belonging to the millions of our customers.
This will lead to the creation of thousands of additional jobs in rural areas because small and medium-sized business and shops would sign up to become Bank Agents for Rural and Community Banks in their respective areas"