Akwapim Rural Bank Ltd. Increases Profit By 10%

Board chairman of Akwapim rural bank, Nana Obeng Kumi ll has commended management, staff and shareholders of the bank for their hardwork and dedication for the past year. According to him the bank made a profit of 1,991,686 cedis last year as compared to 1,810,044 cedis in 2013 representing 10% increase.

Nana Obeng Kumi ll was speaking at the 34th annual general meeting of the bank at Mamfe-Akuapem in the eastern region.

"Total assets increased by 5.2% from 30,729,303 cedis in 2013 to 32,342,185 cedis in 2014 whiles deppsits also increased by 7.3% from 22,786,184 in 2013 to 24,439,216 in 2014" he added.

The general manager of the bank, mr. Stephen K. Bedu on his part pledged to work hard in order to help grow the bank's revenue. He said the bank's loans and advances dipped by 6.1% from 12,613,659 cedis in 2013 to 11,842,482 in 2014 and attributed it to inadequate disbursement of term loans which have in the past contributed significantly to the bank's loan growth.

Mr. Bedu also hinted on plans to open up new branches at Suhum and Madina in order to get closer to their customers.

" We have supported communities and institutions as part of our social responsibility but we have plans of expanding to other areas within our operational areas" mr. Bedu stated.