Business News Mon, 30 Jun 2014

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Agona Rural bank declares profit

The Agona Rural Bank declared pre-tax profit of 307,122 Ghana Cedis in 2013 as against 227,234 Ghana Cedis in 2012. The total assert of the bank also increased from 5, 898, 757 million Ghana Cedis in 2012 to 7,013,663 Million Ghana Cedis in 2013.

Major (RTD) Ben Donkoh, Chairman of the Board of Directors of the Bank made this known at the 28th Annual General Meeting (AGM) of the shareholders of the bank at Agona Kwanyako.

The Chairman hinted that the total income of the bank grew from 1,144,977 Million Ghana Cedis in 2012 to 1,659, 176 Million Ghana Cedis in the year under review. According to him the bank’s expenditure also increased from 917,743 Ghana Cedis in 2012 to 1,352,054 Ghana Cedis 2013.

He said the bank’s savings mobilization increased from 5,089,195 Million Ghana Cedis in 2012 to 5,364,736 Million Ghana Cedis in 2013. The Chairman said the short term investment in Treasury Bills rather reduced from 3, 410,560 Million Ghana Cedis 2012 to 2, 750,900 Million Ghana Cedis 2013 but did not elaborate.

He stated that the bank granted loans and advances totaling 3,630,258 Million Ghana Cedis to 410 customers in the areas of transport, construction industry, commerce, Microfinance, salaries, education and rent.

Mr Roland Acquah-Arhin, President of the Central Regional Chapter of the Association of the Rural Banks commended, management, Board and Staff of the Agona Rural Bank for their prudent financial management and urged others to emulate.

The President cautioned rural banks to be extra careful to invest in the government Treasury Bills in their efforts at reaping more profits due to serious economic challenges prevailing in the nation.

Mr Acquah-Arhin said the Association has rolled out more plans to organize training workshops to build capacity of the Managements, Staffs and Directors of the rural banks to enhance efficiency in rural banking.

Source: GNA

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