Business News of 2013-12-10

Kwamanman Rural Bank posts growth

Kwamanman Rural Bank Limited at Kwaman in the Sekyere District of the Ashanti Region has posted an impressive performance in all the financial indicators in the 2012 year under review.

The bank posted a net profit of approximately GH¢400,738 in the 2012 period under review as against a little over GH¢271,785 in the previous year, representing a satisfactory growth of 47.45%.

The bank recorded total deposits of about GH¢14.2million in 2012 as against a little over GH¢11.7million in the previous year, representing 19.7% growth. This was due to the intensified mobilisation drive pursued by directors and management.

The Chairman of the Board of Directors, Joseph Ofori Amanfo, announced this at the 19th Annual General Meeting of shareholders held recently at Kwaman in the Ashanti Region.

According to him, competition in the banking industry was very keen, especially with the increasing number of Micro Finance Institutions. These factors had direct and indirect consequences on operations of the bank, coupled with severe challenges in the energy sector.

These, he said, caused a slowdown in businesses whilst prices of goods and services kept on rising -- which spillover effects did not spare activities of the Bank.

This notwithstanding, the Directors fashioned out sound policies which were implemented by Management to minimise the effect that the environmental challenges could have had on the operations of the bank.