Manya Krobo Rural Bank posts strong results
The Manya Krobo Rural Bank Limited in the Eastern Region made a profit after tax of GH¢1.08 million during the 2014 financial year.
The figure represents an increase of 55.17 per cent over that of 2013 which stood at GH¢698,391.
Total assets also increased from GH¢22.692,591 to GH¢29,349,092 while deposits rose from GH¢16,957,523 to GH¢29,349,092. The Shareholders Fund moved from GH¢4,166,22 to GH¢4,996,970.00
The chairman of the board of directors of the bank, Mr B. T. Apo, announced this at the 34th annual general meeting of the bank at Odumase Krobo in the Eastern Region.
The bank, according to Mr Apo, declared a dividend of GH¢0.030 per share which amounted to GH¢407,829.00, which was an increase of 20 per cent over the previous year's amount.
He said the bank had declared war on loan recovery and that court action instituted against the major defaulters was vigorously being pursued with some progress made in that direction.
He therefore appealed to the loan defaulters, especially those who were shareholders to make arrangements to repay their indebtedness in order to avoid any embarrassment.
Mr Apo said in order to meet the stiff competition due to the influx of numerous microfinance institutions, the bank had restructured its microfinance unit and embarked on a community education programme on its products and services within its catchment area.
"These were done to improve the efficiency and monitoring of the Credit Savings With Education (C. S. W. E) product in order to improve our customer service standing as well as deepen the loyalty of existing customers and bring on board new ones," he added.
He said the bank was alive to its social responsibilities not only within its operational environs but also to national institutions in addition to offering of scholarships to needy, brilliant students from the five per cent of the bank’s profit.