Ada Rural Bank declared low profit in 2009

Ada Foah, Nov 30, GNA - The profit margin of Ada Rural Bank reduced from 75,796 Ghana cedis in 2008 to 14,426 Ghana cedis in 2009. Nene Gaduga Osrama IV, the immediate past Chairman of the Board of Directors of the Bank, said this at the bank's 25th Annual General Meeting at Ada Foah and explained that it was partly because the Bank operated with low capital last year.

Nene Osrama said the bank's low profit was also due to customers' failure to re-pay loans and overdrafts. Nene Osrama expressed the Bank's profound appreciation to the Bank of Ghana and the ARB Apex Bank for their tremendous assistance. Mr David Narh Sabbah, Board Member who read the Report, said the Board could not recommend the payment of dividends to shareholders for the year 2008 because of the low profit margin for last year. Mr Eric Osei-Bonsu, Managing Director of the ARB Apex Bank whose speech was read for him, said statistics compiled by the Efficiency Monitoring Unit of the Bank as at June, placed Ada Rural Bank at the 116th position out of 131 rural banks.

He expressed conc ern about the general performance of the Ada Rural Bank and urged its Board and Management to step up its debt mobilization mechanism, to recover all outstanding loans owed by customers and shareholders. Mr Ishmael Kwemefe Nartey, Senior Manager of the Bank, appealed to shareholders to increase their shareholdings so as to help increase the capital base of the Bank. 30 Nov 10