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Business News Mon, 7 Aug 2006

Brakwa Breman Rural Bank makes progress

Brakwa (C/R), August 7, GNA - The Brakwa Breman Rural Bank in the Central Region raised its operation profit margin from 548 million cedis in 2004 to 716 million cedis in 2005.

The total deposits also rose from 5.6 billion cedis in 2004 to 7.9 billion cedis during the year under review. Its capital moved from 400 million cedis to 500 million cedis, as a result of transfer of 100 million cedis at the end of 2005.

Mr Emmanuel K. A. Obeng, Chairman of Board of Directors, disclosed this at the 21st Annual General Meeting (AGM) at Brakwa at the weekend. According to him, the Brakwa Rural Bank increased its total assets from 8,747,354 in 2004 to 12,325,085 in 2005 and also made payment of a dividend of A218 per share, amounting to A257.7 million. Mr Obeng reiterated that the gains of the bank was due to the prudent banking practices initiated by the bank, as well as the trust their numerous customers had in their management.

He announced that, apart from the initiatives implemented to increase the banks profit margin, management also supported their customers to improve and expand their businesses.

Mr Obeng said an amount of A222.96 billion was loaned out to its customers in 2005, as against A27.46 billion in 2004, adding that, most of the loans went into agriculture, Women in Development, cottage industries, trading, transport, education, among others. On the Akuafo Cheque system, Mr Obeng stated that, the bank made adequate purchases in 2005 by as much as A216.93 billion cedis worth of cocoa from farmers.

He explained that, the successes of the scheme was due to the fact that the bank purchased the cocoa from both, Transroyal Ghana Limited, P.B.C, Federated Commodities and Aswumapa Buyers Limited. He said, the Brakwa Breman Rural Bank also committed to its social responsibilities, donated items and cash totalling A215 million to assist various communities, institutions and individuals during the year under review to improve their livelihood.

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Mr Emmanuel K. Kwapong, Managing Director of ARP Apex Bank Limited commended the Brakwa Breman Rural Bank Limited for their excellent performance over the years, this was contained in a speech read on his behalf at the AGM.

Mr Kwapong reiterated that, comparative study executed by Economic Monitoring Unit (EMU) of the ARB Apex Bank, indicated that Brakwa Breman Rural Bank Limited was among the best first five rural banks out of the 121 operating in the country as at December 31, 2005 and urged them to maintain the standard.

According to him, the ARB Apex Bank Limited had introduced the "Home Cash" product, which offered every individual the opportunity at anywhere to open and operate a Savings/Current Account with the Rural/Community Bank.

He urged the stakeholders of the Banks to encourage their relatives and friends to patronise the product to enhance their living conditions. Mr Emmanuel Adjei Domson, the District Chief Executive for Asikuma-Odoben-Brakwa (AOB) District, who was the special guest for the occasion, commended the board members, staffs and the entire shareholders of the Bank for their continued support, hard work, commitment and dedication towards the improvement of the bank. He appealed to the authorities of the Bank to review their policies in granting loans to the people, so their financially conditions would be sound.

Mr Domson again, called on the citizenry to embrace the Health Insurance Scheme for them to enjoy affordable health care to be able to contribute their quota towards the development of the country. 7 Aug. 06

Source: GNA
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