Business News of 2013-12-19

More women get support from Asokore Rural Bank

The Asokore Rural Bank Limited at Asokore in the Sekyere East District in Ashanti Region In 2012, through its microfinance programme which disbursed GH¢495,400 to 462 of its clients out of which 434 were women.

Repayment of the loans has been encouraging, having a portfolio at risk of 8.42 per cent.

The programme has also been rolled out at Effiduasi and Asokore and their environs and traders in those areas have been encouraged to take advantage of it.

A total of about GH¢1.9million loans, overdrafts and other advances were granted as against GH¢1.8million in the previous year, showing a positive variance of GH¢137,870.

The Chairman of the Board of Directors, Mr Eric Appiah-Badu announced this at the bank’s 26th Annual General Meeting (AGM) of shareholders.

The bank posted a net profit of GH¢ 264,387 in 2012 period as against a little over GH¢233,318 in the previous year.

It recorded a deposit of about GH¢9.2 million in 2012 as against a little over GH¢7.6 million in the previous year, representing 24.9 per cent growth. This was due to the intensified mobilisation drive pursued by directors and management, coupled with the ever-increasing public confidence in the operations of the bank.

The bank’s shares issued to date increased by 3.5 per cent from about 2.7million in 2011 to 2.8million while earnings per share decreased by 18 per cent from 0.077 in 2011 to 0.063 in 2012.

The bank’s investment in Ghana Government Treasury Bills and placements with discount houses increased by 15.24 per cent from GH¢ 4,168,014 in 2011 to GH¢4,773,067 in 2012.

The board chairman expressed his sincere appreciation to shareholders and customers for their loyalty, priceless support and patronage during the year. He also thanked the hard-working management and staff for their continued dedication, commitment and diligence.

The General Manager, Mr. Samuel Agyapong Ansong, told the Daily Graphic that for the bank to achieve its stated goals for the coming year, the staff would continue to pursue prudent policies aimed at maximizing some profits and giving exceptional customer service, specifically to pursue massive share and deposit mobilization, focus on quality customer services and invigorate the bank’s Microfinance scheme.

Other activities, according to the General Manager, will include strengthening internal control, sustaining the development of capacity of the bank’s human resources, as well as doing well to control expenditure and seal income leakages.