Brakwa (C/R) July 27, GNA-The Brakwa-Breman Rural Bank in the Central Region made a profit after taxation of 39,788 Ghana Cedis in 2007 as against 34,579 in the 2006, an increase of 19.38 percent. The retiring Board Chairman of the bank, Mr. Emmanuel K. A. Obeng said this at the bank's 23rd Annual General Meeting (AGM) at Brakwa on Saturday.
He said the bank's deposits increased from 958,260 Ghana cedis in 2006 to 1,261,051 in 2007, representing 31.60 percent, an indication of the growing confidence in the bank by costumers. According to Mr. Obeng the bank's total assets increased from 1,425,543 Ghana cedis in 2006 to 1,877,684 Ghana cedis in 2007, an increase of 31.73 percent.
He said loans and advance to customers increased from a total of 753,292 in 2006 to 815,160 Ghana cedis in 2007, an 8 percent increase, of which women in development received 502,535 Ghana cedis. The Agriculture sector had 199,933 Ghana cedis while cottage industries obtained 101,475 Ghana cedis, with trading and transport and education having a total of 11,217 Ghana cedis, he said.
Mr. Obeng, who is retiring from the chairmanship of the bank after being the chairman for 26 years continuous service said the bank's Stated Capital increased from 51,146 in 2006 to 61,971 in 2007. The Managing Director of the ARB Apex Bank Limited, Mr. Eric Osei-Bonsu in an address read for him said the Apex was calling for the establishment Internal Audit Unit in Community and Rural banks to avoid fraud.
"It is therefore important that the Brakwa-Breman Rural bank strengthens its internal control mechanisms and also ensures strict compliance with rulers and procedures on cleaning in order to forestall any attempt of defrauding".
He said Community and Rural banks had a lot to do by way of effective administration, cost control and reduction so as to meet the challenges of the changing competitive business environment. 27 July 08
