Adansi Rural Bank posts over GH¢300,000 profit in 2009

Fomena (Ash), Sept. 7, GNA - The Adansi Rural Bank at Fomena in the Adansi North District of the Ashanti Region has over the past three years been recording increases in its operational profits, posting a profit before tax of GH¢306,580.72 in 2009. This figure represents a 14 per cent increase over last year's profit of GH¢268,572.03.

Mr Ahmad Kwame Boakye, Chairman of the Board of Directors of the Bank who announced these at the 20th annual general meeting of shareholders at Fomena, said the shareholders' fund also increased from GH¢995,658.13 in 2008 to GH¢1,249,581.76 in 2009, representing an increase of 25.5 per cent.

The bank's total deposits during the year also witnessed an increase of 27.9 per cent from GH¢4.6 million in 2008 to GH¢5.9 million in 2009, he said and attributed the increase to the mobilisation drive which the directors and management carried out. "Total assets of the bank rose from GH¢6.1 million in 2008 to GH¢8.1 million in 2009. This represents an increase of 33.7 per cent. Out of this GH¢8.1 million, fixed assets accounted for 11.8 per cent which was 0.96 million Ghana cedis," Mr Boakye said. The Board Chairman announced that the period saw the bank granting a total loans and advances to the tune of GH¢2.9 million as against 2.8 million in 2008. He, however, appealed to all loan defaulters to pay back to avoid court action since the bank's non-performing assets had risen to GH¢460,899.00. On the bank's social responsibility, he said a total amount of GH¢11,602.83 was spent in the areas of girl-child education, scholarships, health, sports, security and the holding of District Farmers' Day. Mr Johnny Owusu-Boadi, Vice President of the Ashanti Regional Chapter of the Association of Rural Banks, observed that rural banks had come to stay and that the people should not entertain any fears in "doing business with the banks." He said rural banks in the region were a force to reckon with in the rural and community banking industry, as 10 out of the 20 rural banks in the country which are members of the Ghana Club 100 came from the region. Mr Owusu-Boadi commended the shareholders for the various roles they had played towards the growth of the bank but urged them to continue to buy more shares to help consolidate the bank's forward development. 07 Sept 10