Business News of 2014-06-07

Wenchi Rural Bank posts profits

The Wenchi Rural Bank in the Brong Ahafo Region recorded a profit of GH¢185,599.00 during the 2013 financial year, representing a 136 percent increase over a profit of GH¢78,346.00 registered in 2012.

The bank also disbursed over GH¢3,000,000 in loans to 2,400 women in three regions namely Brong Ahafo, Northern and Upper West Regions, while its customer base increased from 14,000 in 2012 to 22,000 in 2013.

The Board Chairman of Wenchi Rural Bank, Yaw Odame Darkwa, made this known to shareholders at Wenchi during the bank’s 2nd Annual General Meeting (AGM).

He commended the bank’s microfinance team, led by Anthony Nyame, for their hard work in redeeming almost 100 percent of loans disbursed to customers.

He also praised shareholders for authorizing the Board of Directors to opt for debt/equity financing of GH¢1,300,000.00 from Oasis Capital.

He added that the bank had also secured a facility from KfW, a German Development Bank to install four ATM machines in four of its branches.

Mark Odoi Adjei, Sunyani Branch Manager of ARB Apex Bank, who represented Kwadwo Aye Kusi, Managing Director of ARB Apex Bank, congratulated the bank for its achievements over the years.

He particularly commended the Board and management for their outstanding performance in 2013, adding that the Wenchi Rural Bank had maintained its rating as a “Satisfactory Bank” based on the 4th quarter 2013 report of the Efficiency and Monitoring Unit of Apex Bank.

Mr. Adjei said the banking sector had become very competitive and risky.

To minimize that, Mr. Adjei called for an effective risk management and advised the boards of RCBs to institute risk management policies to identify, assess, monitor and control risks.