Business News of 2014-08-25

Bawjiase Rural bank posts profit

The Bawjiase Area Rural Bank at Awutu Bawjiase in the Awutu Senya District declared a profit of GH¢1,279.841 after tax in 2013 as against GH¢985,044, the year before.

The bank also paid taxes totaling GH¢112,512 to the government, Mr Emmanuel Osei, Chairman of the Board of Directors of the Bank, has announced at the 24th Annual General Meeting (AGM), at Awutu Bawjiase on Saturday.

He said the bank’s total income also increased from ¢GH3, 365,365 in 2012, to GH¢4,454,365 in 2013, representing an increase of 33 percent.

The Chairman said the total assets of the bank grew from GH¢14,738,992 in 2012 to GH¢18,120,757 in 2013.

According to the Board Chairman, investments in treasury bills and other securities increased from GH¢5,728,045 in 2012 to GH¢5,859,856 in the year under review.

Loans and advances granted to customers under different categories amounted to GH¢22,857,178.

He mentioned Agriculture, Personal, Corporate, Transport, Commercial, Staff, Microfinance and Overdraft, as the categories.

He said the board proposed a dividend of GH¢0.02 per share, amounting to GH¢200,000 for the shareholders.

Mr Osei said the board had set aside GHC25,597 two per cent of the bank’s profit to support needy but brilliant students in its catchment area.

He said the bank had introduced a new product under the name: “Obibie KIama” on a pilot basis in the 30 selected microfinance groups.

Additionally, the bank has opened a new Agency at Kasoa to help mobilize more funds to improve its capital base.

Mr J.M. Addo, Representative of ARB Apex Bank, commended the management of the Bawjiase Area Rural Bank for their hard work that had helped the bank to chalk success.

Mr Addo urged the Rural and Community banks to take Risk Management as a tool that could assist them to avert fraud.

Mr Kwadwo Konadu Asiamah, Board Member of ARB Apex Bank, urged the shareholders to purchase more shares to increase the share capital of the bank.

Mr Frand Osei, Central Regional Representative of Association of Rural Banks, said some rural banks in the region were collapsing due to huge fraudulent activities by some managements and staffs.

He, therefore, urged members of the various boards to be vigilant to sustain the rural banking industry.

Source: GNA
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