Atwima Mponua rural bank increases share capital

The share capital of the Atwima Mponua Rural Bank in the Atwima district of Ashanti rose from 27 million cedis in 2000 to 97 million cedis as at August this year, three million cedis short of the Bank of Ghana's (BOG) requirement of 100 million cedis.

The bank also made a pre-tax profit of 1.3 billion cedis for 2001, representing 1,417 percent increase over the previous year's profit of 92.5 million cedis.

Mr Ben Bekoe Yirenkyi, chairman of the Board of Directors of the bank, who announced this at the bank's 18th annual general meeting at Toase on Friday, said deposits increased by 41 percent from 4.2 billion cedis in 2000 to six billion cedis in 2001.

He said the bank granted 1.8 billion cedis loans and overdrafts to its customers, which spread across the fields of agriculture, cottage industries, transport and trading among others.

The bank, Mr Yirenkyi said, purchased 3.5 billion cedis Akuafo Cheques in 2001 as against 2.5 billion cedis the previous year, representing an increase of 40 percent.

He said the bank organised training programmes for its staff at various levels as part of its human resource development to enhance their efficiency and to be abreast with modern banking.

The bank, as part of its community assistance package, Mr Yirenkyi said, assisted the Nyinahin Catholic Secondary School and the Seidi community with cement and roofing sheets and offered scholarships to 50 pupils in basic schools and 17 students in senior secondary schools in its catchment area totalling six million cedis.

He acknowledged the efforts of its customers, especially workers whose salaries passed through the bank for contributing immensely to the growth of the bank's share capital.

Mr. Charles Yeboah, Atwima District Chief Executive, charged Boards of Directors of rural banks and BOG to be extra vigilant in their supervisory roles to enable rural banks to perform better.

He said rural banks were created to fill the vacuum caused by the orthodox banks, which were mostly situated in the urban and commercial centres, a duty which he noted, the Atwima Mponua rural bank had performed with distinction.