Business News of 2014-06-11

Manya Krobo Rural Bank records marginal pre-tax profit

The Manya Krobo Rural Bank in the Eastern Region has recorded a pre-tax profit of GH¢763,179 for 2013 financial year, as against the GH¢567,278 it earned in 2012.
The bank’s total income during the same period under review also rose from GH¢3,420,371 to GH¢4,474,431, while the bank’s net worth increased to GH¢3,851,168 as at the end of December 2013, compared to GH¢3, 241, 717 in 2012.
The Chairman of the Board of Directors of the bank, Mr B. T. Apo, announced this at the 33rd annual general meeting of the bank at Odumase-Krobo last week.
Since its establishment in 1978, the bank has witnessed tremendous growth, making it one of the leading rural banks in the country.
This has been attributed to the efficient and vibrant leadership and prudent decisions which have enabled the bank to properly position itself to face emerging challenges, particularly, increasing competition within the sector.
“I am happy to announce to you that our bank has seen a steady growth over the years,” the board chairman said, adding that the total assets of the bank increased from GH¢17,984,213 in 2012 to GH¢22,676,370 in 2013, while total deposits moved from GH¢13,812,493 to GH¢16,957, 523 within the same period under review.
Social responsibility
The bank fulfilled its corporate social responsibilities within its catchment areas.
As part of a scholarship package, the bank is currently supporting brilliant needy students to achieve their lifetime dreams to the Medical School of the University of Cape Coast, Mount Mary College of Education and a number of senior high schools.
In addition to this, it has supported the infrastructural development agenda of schools, as well as annual festivals of the Manya and Yilo Krobo Traditional areas, among others.
All these donations and sponsorships amounted to GH¢20,782.00 for the year.
After re-structuring the bank’s microfinance unit, the bank embarked on a community education programme to sensitise the public about its products and services, consequently enabling its microfinance portfolio to grow by between 42 and 45 per cent.
“It is our vision to bring this percentage to between 50-60 per cent come next year,” said Mr Apo.
Loan recovery
Loan recovery continues to engage the attention of the board and this has resulted in court actions against some defaulters.
Judgments have been given in favour of the bank and in some cases, recoveries have been made from recalcitrant loan defaulters.
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