Adonten Community Bank declares highest profit ever

New Tafo (E/R), Aug. 23, GNA - The Adonten Community Bank made a net profit of GHC75,943 last year, the highest profit made so far by the bank. This was announced by the Chairman of the Board of Directors, Mr Emmanuel Appiah Korang, at the 11th Annual General Meeting of the Bank at New Tafo, at the weekend.

He explained that, the profit made was an increase of 267 per cent over the profit of GHC20, 685 in 2007. Mr Korang thanked the new management and staff of the bank for their performance and explained that the major challenge facing the bank was the low repayment level of loans and overdraft. He warned that the bank would be forced to take legal measures to retrieve the loans and called for the cooperation of the shareholders in this regard.

He said the bank could, however, not declare dividend because of the new Bank of Ghana directive to community and rural banks to raise their share capital to GHC150,000 before declaring dividend and said the board of directors had recommended that over GHC80,000 income surplus be moved to stated capital. Mr Kenneth Owusu-Twumasi, Head of Professional Development and Training of the APEX Bank, called on the directors of the bank to consider the payment of dividends to the shareholders when the bank makes profit.

Mr Owusu-Twumasi, a speech read for him, appealed to the shareholders and other stakeholders of the bank to support the bank to fight the growing electronic fraud which is targeting the banks, especially the rural and community banks. The Vice-President of the Eastern Regional Branch of the Association of Rural Banks, the Reverend Divine Nartey, appealed to the shareholders to increase their deposits to help the bank to raise the needed capital to increase its profit base. The East Akim Municipal Chief Executive, Mr Simon Asirifi, congratulated the staff and management of the bank for their performance and urged them to maintain their performance to encourage the Assembly to recommend them to their development partners.