Manya Kro Bank increases deposits

Asesewa (Eastern Region) 27 July '99

The Upper Manya Kro Rural Bank Limited in the Manya Krobo district of the Eastern region mobilised 1.31 billion cedis as deposits at the end of 1998 as compared to 487.5 million cedis, the previous year.

During the period under review, the bank made a net profit of 92.4 million cedis as against 59.9 million cedis in 1997.

The chairman of the board of directors of the bank, Mr Ebenezer Odonkor made this known at the 16th annual general meeting of shareholders of the bank at Asesewa on Saturday.

He said the bank invested 911.5 million cedis of the amount in various ventures.

The board chairman said in order to sustain profits the bank would continue to pursue fund mobilisation as a matter of priority and appealed to the people in its catchment area to patronise the bank and to increase their share capitals.

He said the bank has proposed a dividend of 50 cedis per share on 814,746 shares amounting to 40.7 million cedis saying this implies that a shareholder with 10,000 shares purchased at one cedi per share in 1982, when the bank was established, would receive 500,000 cedis.

The bank, Mr Odonkor said, granted loans totalling 336.3 million cedis to customers in the various sectors including agriculture, cottage industry, trade and transport as well as to salaried workers.