Atiwa Rural Bank improves its performance

Kwabeng (ER) Sept 20, GNA - The Atiwa Rural Bank at Kwabeng, last year, posted GHC 109,653 profit as against GHC 94,653 in 2007, representing an increase of 19 percent. The bank, therefore, proposed a dividend payment of GHp 55 per share as against GHp 50 in 2007.

Mr Isaac Akomaning Asamoah, Chairman of the Board of Directors of the Bank, who announced this at the 21st Annual General Meeting of the bank, at Kwabeng, at the weekend, said total deposits increased from GHC 3,234,320.00 in 2007 to GHC 3, 864,351 last year. Total investments rose from GHC 1,348,731.00 in 2007 to GHC 1,601,710 in 2008 while stated capital also increased from GHC 111, 556.00 in 2007 to GHC 152,617.00 in 2008, representing 37 percent increase.

Mr Asamoah said the bank granted loans and overdrafts amounting to GHC 2,061,009 in the year under review as compared to GHC 1,706,020 in 2007, an increase of 19.8 percent. He said the loans went to Micro Finance, Transport, Construction, Agriculture and Commerce, among other sectors. Mr Eric Osei-Bonsu, Managing Director, ARB Apex Bank, commended the bank on its operational and financial performance and also in developing new financial products as well as repackaging existing ones to meet the needs of its customers. He also commended the bank for expanding its outreach in the microfinance sector by providing financial services to low income persons who could not have any direct business with a traditional bank in the form of "Susu" and Group lending. Mr Osei-Bonsu said the Bank of Ghana in its bid to modernize the national payment system and banking supervision is rolling out products for the big commercial and rural banks. Among the products are the E-Zwich, Electronic Financial Analysis Surveillance System (E-Fass) and the Cheques Coding Clearing/Automated Clearing House (CCC/ACH), aimed at making the payment system safe, efficient and fast.

He said those services would also enable the Bank of Ghana to exercise effective oversight responsibility over the banking industry, adding that all commercial banks and Rural and Community Banks (RCBs were required to participate in those new banking services. Mr Osei-Bonsu said in addition to those services, the Apex Bank would also very soon migrate its star product, Apex Link Money Transfer, onto an ICT platform to make it efficient, fast, safe and secure. He advised the board of directors to institute a risk management policy to identify, assess, monitor and control risks which may have a negative adverse impact on the achievement of the bank's business objectives. 20 Sept. 09