Mumuadu Rural Bank records impressive performance

Akyem Osino Sept. 18 GNA - Mumuadu Rural Bank at Akyem Osino in the Eastern Region, recorded a net profit of GH?566,041.00 last year as against the GH¢ 323,495.00 netted in 2009.

Mr Seth Adom-Asomaning, Chairman of the Board of Directors, announced this at the 23 Annual General Meeting of the Bank (AGM), at Akyem Osino on Saturday.

He said during the period under review, the bank's assets grew by 45.6 per cent from GH¢9.19 million to GH¢13.38 million.

Mr Adom-Asomaning indicated that the bank's deposit base also expanded by 42.78 from GH¢6.79 billion, to GH¢9.70 million.

He said it was a strong indication of the bank's competitiveness in deposit mobilisation.

"For the year under review, total advances saw a growth of GH¢7.21 million from a figure of GH¢5.01 in 2009."

He announced that total investments in Treasury Bills increased from GH¢1,129,218.00 in 2009 to GH¢2,700,069 in 2010, a growth of 139.11 per cent.

"A total of GH¢8,186,442.00 worth of cocoa was purchased through the Akuafo cheques as compared to GH¢4,236,736.00 the previous year."

Touching on social responsibility; the board chairman said the bank donated a total of GH¢17,462.00 in support of some projects at the Abuakwa State College, Bomdwen D/A and Akyem Osino D/A primary and junior high schools and the National Farmers Day celebration.

He disclosed that the directors had recommended the payment of a dividend of GH¢0.02 per share to each shareholder.

Mr Adom- Asomaning told the shareholders that the Fanteakwa District Assembly had allocated a space for the construction of the bank's permanent premises at Begoro in the new market complex.

He said the bank is in the process of negotiating a fixed asset loan from the ARB Apex bank to finance the project.

"The bank performed creditably on the league table of Rural and Community Banks. It obtained first position in total assets in Eastern Region and 13th in national, third in deposits in the region, 21st in national, ninth in investments in the region and 42, national.

"It came first in investments in the region and fourth in national, third in net worth in the region and 11th in national, third in paid up capital in the region and sixth in national and first in profit before tax in the region and ninth in national," he said.

Dr Kwasi Akyem Apea-Kubi, Regional Minister, in a speech read on his behalf, commended the bank on its impressive performance.

He said the bank was among the few in the country, which is granting much loans than investing in Government Securities.

"This really shows that you are committed to helping the people of this area to increase their earnings and incomes so as to get out of the Poverty bracket," he said.