Ghana cedi note
The Bawjiase Area Rural Bank posted an unprecedented interest profit of 5,504,182 million Ghana Cedis in 2014, as against 4, 594,930 million Ghana Cedis in 2013, represent an increase of 19.8 percent.
Mr. Emmanuel Osei, Chairman of the Board of Directors of the Bank, announced this at the 25th Annual General Meeting (AGM) of the bank at Awutu Bawjiase.
Mr Osei said total deposits of the bank increased from 11,940,374 Ghana Cedis in 2013, to 14,526,245 million Ghana Cedis in 2014.
He said total assets of the bank improved significantly over the previous year from 18,120,757 million Ghana Cedis to 21,237,233 Ghana Cedis in 2014, representing a growth of 17.2 percent.
The Board Chairman stated that the bank disbursed total loans and advances from 22,857,178 million Ghana Cedis to 29,199,330 million Ghana Cedis.
He said the departmental analysis of the loans disbursed in 2014 were main stream loans, Damida Micro loans and CSWE Micro loans.
Mr. Osei said investments in short-term securities such as treasury bills increased from 5,898,566 million Ghana Cedis in 2013 to 7,273,293 million Ghana cedis, showing an increment of 1, 273,298 million Ghana Ceids, representing 23.3 percent increment of the previous year.
On Stated Capital, Mr Osei said the Board proposed a transfer to stated capital of 250,000 Ghana Cedis in addition to new purchase by shareholders of 13,780 Ghana Cedis during the year under review.
He said the bank had stated capital of 1,876,620 million Ghana Cedis, which was above the regulatory minimum of one million Ghana Cedis.
According to the Chairman, the bank shall continue its stated Capital base on yearly basis to cushion itself against any future regulations in relation to the state Capital that may be ordered by Bank of Ghana.
Mr. Osei stated that due to the favorable performance of the bank during the year, the Board had proposed a dividend of 230,000 Ghana Cedis, representing 0.0277 Ghana Cedis.
He therefore entreated shareholders to continue to purchase more shares to strengthen the bank’s capital base.
The Chairman said the board had set aside an amount of 21,346 Ghana Cedis, representing 2 percent of the bank’s profit for the year under review to be paid into a scholarship scheme fund to support needy but brilliant students in the area.
Mr. Benjamin Chemel, Deputy Head of Finance, in a speech read on behalf of the Managing of Director (MD) of ARB Apex Bank, Mr. Kwadwo Ayeh Kusi, praised the Bawjiase Area Rural Bank for its impressive performance that had made it one of the best rural banks in Ghana.
The Apex MD called on Rural Banks to comply with the Bank of Ghana (BOG) and ARB Apex Bank rules that include SSNIT Pension, companies Act, tax laws and internal policy controls to sustain the rural banks.
Mr. Kusi said the Apex Bank had introduced the G. Vive platform to the Rural and community banks for the verification of authentication document presented by customers.
The MD said the Bank of Ghana had raised the minimum paid-up capital to 300,000 Ghana cedis in 2015, 500,000 Ghana Cedis in 2016 by 31st December, and one million cedis in December 31st 2017.
He urged the community and rural banks to work hard to meet the requirements, in order not to be affected by the law.
