Kwahu Rural Bank makes over 23 per cent profit

Kwahu-Pepease (ER), Aug. 2, GNA - The Kwahu Rural Bank at Pepease in the Kwahu East District, made a net profit after tax of GH¢248,177 last year as against GH¢201,103 in the year under review, representing an increase of 23.4 percent.

The bank spent GH¢45,905 to pay a dividend of GH¢0.002 per share to its shareholders.

The Chairman of the Board of Directors of the bank, Mr Samuel Nkansah-Boadi, announced this at the 28 Annual General Meeting of the bank at Kwahu-Pepease last Saturday.

He said the total assets of the bank rose from GH¢4.1 million in 2008 to GH¢5.0 million in 2009, an increase of 22 per cent, while the share capita of the bank also went up from GH¢169,377 two years ago to GH¢203,829 last year, an increase of 2.3 percent.

The Board Chairman noted that due to the significant performance of the bank, it was able to grant loans and overdraft totaling GH¢25,444 to its customers in Agricultural, Commerce, Cottage industry, transport and salary workers.

He said under the year under review, the bank successfully completed the construction of a permanent building for its agency at Nkawkaw and commended the shareholders for their support towards that project.

In an address read on its behalf, the Managing Director of the ARB Apex Bank, Mr Eric Osei-Bonsu, commended the bank on its achievement.

He indicated that the performances of both rural and community banks had been encouraging as they had consistently registered impressive deposit mobilization and some significant increase in share capita, which were indications of growing public confidence in the rural banking system.

Mr Osei-Bonsu said the Bank of Ghana (BOG) in its bid to mobilize the national payment system and banking supervision had rolled out products for the commercial and rural banks with products such as e-zwich, e-Fass, cheque code line, clearing/automated clearing house (CCC/ACH), which were geared towards making payment system safe, efficient and fast.

The President of the Eastern Regional chapter of the Association of Rural and Community Banks, Mr Emanuel Owusu-Manu, advised board members of the banks to ensure proper supervision of the operation of the bank.