Kwahu Rural Bank makes profit

Kwahu Pepease, July 30, GNA - The Kwahu Rural Bank made a net profit of 1.348 billion cedis (GH 134,800 C) last year as against 1.106 billion cedis (GH 110.600 C) the previous year, an increase of 16.2 per cent since its establishment 25 years ago.

Total assets of the bank also increased from 21 billion cedis two years ago to 28.5 billion cedis in the year under review, a growth rate of 35.7 percent while total deposit went up from 14.1 billion cedis in 2005 to 19.8 billion cedis last year.

The Chairman of the Board of Directors of the Bank, Mr Samuel Nkansan-Boadi, said this at the 25th annual general meeting of the bank at Kwahu Pepease in the Kwahu South District at the weekend. He said the share capital of the bank rose from 1.010 billion cedis two years ago to 1,022 billion cedis last year, a marginal increase of 1.2 per cent and was able to grant 10 billion cedis as loans and over draft to its customers in the agriculture, commerce, cottage industries and salary workers last year as against 6.3 billion cedis in 2005. The Board Chairman said the bank spent 160.7 million cedis to pay a dividend of 10 cedis per share to its shareholders. He said the bank participated in the administration of micro-finance loans where 84 billion cedis were disbursed to eight farming groups.

These groups were under the women development fund, special farmers' assistant loan, traders' loan and the food and agriculture budget support loan where financial assistants were given to fish mongers and grass cutter breeders.

In an address read on his behalf the Managing Director of ARP APEX Bank, Mr Emmanuel Kwapong, said the Apex Bank would have training programmes for rural banks.

The bank would undertake computer training for 4,700 rural bank staff throughout the country at its branches in Sunyani, Kumasi and Takoradi where adequate facilities have been installed. In an address read on his behalf the President of the Eastern Regional Chapter of the Association of Rural Banks, Mr Solomon Akwettey, said under the new banking law, stiff punishment had been prescribe for directors for any lapses and financial malpractices at their banks. 30 July 07