Akyempim Rural Bank declares profit

Gomoa Dawurampong,(C/R) Oct 28 GNA - The Akyempim Rural Bank Limited, the third giant rural bank in the Central Region, declared a profit of GHC100,832 after taxation in 2008 as against GHC88,719.00, in 2007.

The deposits of the bank also increased from GHC99, 689.00 in 2007 to GHC2, 875,097, while total assets of the bank jumped from GHC3, 464,196 to GHC4, 160,753 in the year under review.

Colonel (Rtd) Kingsley K. Nyame, Chairman of the Board of Directors of the bank, made this known at the 24th Annual General Meeting of the shareholders at Gomoa Darumpong. Col. Rtd Nyame said the board had declared the payment of a total dividend of GHC38, 359.00 to be distributed.

The Chairman said the bank supported 6,344 customers with loans and advances totalling

GHC849, 814.00 in 2008, representing 6.8 percent. Col. Nyame said the board commended the General Manager, Mr J.W. Assan and his team, for good performance and expressed the hope that they would continue to be loyal, dedicated

and hard working to move the bank forward. Mr Eric Osei-Bonsu, Managing Director of Apex Bank, in speech read for him by Mr Maxwell

Donkor, Operations Manager of the ARB Apex Bank, said Ghana's banking industry was facing

challenges such as saturated markets, fierce competition and limited opportunities for expansion

and growth. He commended the Akyempim Rural Bank for the impressive performance and urged the

board and management to come out with innovative and business models that would meet the

needs of customers. Mr Osei-Bonsu called on the Akyempim Rural Bank to study and abide by the new regulations

and bye-laws of the Apex Bank to avoid the imposition of sanctions and penalties for non-

compliance. Mr Kweku Acquaah, President of the Central Regional Chapter of the Association of Rural

Banks, urged the shareholders of the bank to buy more shares to increase the share capital. He called on the rural banks in the Central Region to take steps to merge their banks to enable

them to stay in business.