Business News of 2013-12-20

Twifo Rural Bank records profit

The Twifo Rural Bank made a profit of GH¢124,401.00 last year as against GH¢90,428.00 the previous year.

This was announced by Mr Jonas Osei Yankson, Chairman of Board of Directors of the bank at the Annual General Meeting (AGM) of shareholders of the bank at Twifo Agona on Tuesday.

On dividends, he said in view of the new minimum stated capital set by the Bank of Ghana, the directors were of the opinion that the bank should plough back the profit into the operations of the bank, to enable it to perform better and be in a good position to pay higher dividends in future.

Mr Yankson, who is also known as Oseadeeyo Kwesi Kenni IV, Omanhen of Atti Morkwa Traditional Area, said last year the bank granted a total of GH¢4,178,190.00 to individuals as loans as against 3,444,984.00 the previous year.

According to him, Deposits increased from GH¢6.006,786.00 in 2011 to GH¢ 7.624,327.00 last year, showing a percentage increase of 27 whilst total assets increased by 31%. There was however a decline of 4% in investment.

Mr Yankson announced that the bank had planned to open four more mobilization centres at Kyekyewere, Wamaso, Assin Awisem and Wassa Atobiase. He said following the full computerization of the bank, customers could now access their accounts at any agency of the bank to transact business without any hindrance.

Non-payment of loans by beneficiaries, he said, still persisted, adding that, this had adversely affected the performance of the bank. He therefore, appealed to loan beneficiaries to pay back their loans to improve the operations of the bank.