Business News of 2013-12-29

Rural banks performance reflect economic growth - Woyongo

Mr. Mark Owen Woyongo, Minister of Defense on Saturday said the vibrancy in the performance of rural banking is a clear reflection of the quick economic recovery the country is experiencing.

Pointers to sharp economic recovery, he indicated, is directly linked to the private sector, which had seen some positive growth; thereby taking central stage in the better Ghana Agenda.

Mr. Woyongo who was the special guest of honour at the 23rd Annual General Meeting of the Naara Rural Bank at Navrongo noted that the performance of the bank in 2012 was no mean achievement and advised the commercial entity to be wary of cyber crimes in order to protect the trust of customers and shareholders.

Mr. Woyongo, who is also the Member of Parliament for Navrongo Central, used the occasion to inaugurate a new office for the Navrongo agency of the Bank and congratulated its management and staff for their commitment to work.

He admonished Ghanaians to celebrate the yuletide in moderation, saying: “Ghana needs all of us in peace and not in pieces.”

Mr. Simple Aniba, Board Chairman of the bank indicated that the institution had made a net profit of GH?580,805 an increase of 3.30 per cent over that of 2011.

Mr. Aniba said the total assets of the bank also increased by 33.33 per cent with GH?20,497,484 in 2012 as against GH?13,644,673 in 2011 from its three operating agencies and a mobilisation centre.

He declared shareholders’ approval to plough back proposed dividends of GH? 280,429 as bonus share for them at one pesewa per share to capitalise the bank.

Mr. Kwadwo Aye Kusi, Managing Director of ARB Apex Bank Limited, in an address read on his behalf, said the bank would continue to embark on programmes aimed at equipping staff of rural and community banks to meet the current customer needs.

He said modern banking requires the provision of innovative and quality services, adding that, without satisfied customers, rural and community Banks cannot stay in business.

Mr. Kusi advised the bank to build on the current performance to implement programmes and policies that would sustain and improve deposits, and share mobilisation.

He said the bank should ensure that risks associated with Information Communication and Technology are minimised.