Business News of 2014-01-06

Twifo Rural Bank makes profit

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

This was announced by Oseadeeyo Kwesi Kenni IV, Omanhen of Atti Morkwa, the Chairman of Board of Directors of the Twifo Rural Bank, at the Annual General Meeting (AGM) of shareholders of the bank at Twifo Agona at the weekend.

Speaking 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 perform better and be in a good position to pay higher dividends in future.

He said last year, the bank granted GH¢4, 178,190 to individuals as loans as against GH¢ 3,444,984 in the previous year.

Deposits increased from GH¢6.006,786 in 2011 to GH¢ 7.624,327 last year, showing a percentage increase of 27 per cent, while total assets increased by 31 per cent.

There was, however, a decline of four per cent in investment.

Oseadeeyo Kwesi Kenni said the bank had plans to open four more mobilisation centres at Kyekyewere, Wamaso, Assin Awisem and Wassa Atobiase.

He said following the full computerisation of the bank, customers of the bank could now access their accounts at any agency of the bank without any hindrance.

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

Source: GNA
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