Business News Sun, 10 Jun 2018

Upper Manya Kro Rural Bank exceeds BoG's minimum capital requirement

The Upper Manya Kro Rural Bank has exceeded Bank of Ghana’s minimum capital requirement of GHS1 million.

The strength of the banks capital currently insulates it from the option of merging with other rural banks before it can stay in business.

Chief Operations Officer of the bank ,Andrew Akyampong says the bank is seeking to improve upon its previous performances.

Speaking the 34th Annual General Meeting of the bank in Asesewa in the eastern region, Mr. Akyampong attributes the success to hard work.

The bank posted a profit of ?1,238, 622 this year, representing a 12.3 percent increase over the previous year.

The total equity of the bank also increased, from GH?5,947,280 to GH?6,802,316 within the same period, whereas cash flow from operations hit GH?3,032,237.

Total assets recorded a 14.1 percent rise, from GH?42.6million in 2016 to GH?48.6million in 2017.

Income surplus also recorded a 14.1 percent growth from GH?2.62million to GH?2.99million within the one-year period.

And shareholders’ funds also grew, by 14.3 percent from GH?5.95million to GH?6.8million.

Board chairman ,James Kwame Otieku said the

bank also committed GH?52,891 to its corporate social responsibility in areas of help, education and agriculture, among others.

" In all our operational areas we have been supporting them with projects including schools, hospitals, offering scholarships among many others ".

He explained.

Source: www.ghanaweb.com