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Business News Mon, 31 May 2010

Awutu Emasa Rural bank makes profit

Awutu Beraku, (C/R), May 31, GNA - The Awutu Emasa Rural Bank at Awutu Beraku, in the Central Region, has declared a profit before tax of GHC142, 487.00 for 2009 as against GHC 94,279 in 2008. The total income of the bank also grew to GHC723,741 in 2009 from GHC519,563 in 2008.

Mr R. Acquah-Arhin, chairman of the board of the directors of the bank, told the 21st Annual General Meeting (AGM) of the bank, at Awutu Beraku in the Awutu-Senya District, at the weekend. The directors, therefore, proposed the payment of a total of GHC50,000.00 as dividends to shareholders. But As part of the capitalization of the bank, the money would be added to bank's capital to meet the bank of Ghana's requirement that rural and community banks should have a capital-base of GHC150,000.00. The bank's current total capital is GHC170,000.00.

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Mr Acquah-Arhin said the bank's total deposit increased by 21 percent, while the loan portfolio also grew by 14 percent in the year under review. He said the assets of the bank also increased by 36 percent, last year. He noted that the board and the management of the bank would ensure that the staff performed efficiently to justify their pay because the bank had decided to increase productivity.

Mr Acquah-Arhin stated that the bank tightened the risk management to reduce its exposure to fraud and unscrupulous borrowers. He announced to the shareholders that the bank's permanent building had reached roofing level and assured them that by June ending the head office of the bank would be moved to that place.

Source: GNA
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