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The Mumuadu Rural Bank made a profit of GH¢ 1,121,646.00 before tax for the year 2014, an increase of 11.62 per cent over the previous year.
The Chairman of the Board of Directors of the Bank, Mr Seth Adom-Asomaning made this known at this year’s Annual General Meeting of the Bank at Osino.
He said the assets of the bank grew by 5.95 per cent for the period under review, whiles loans and advances the bank gave to small and medium scale enterprises in its catchment area fell from GH¢ 16,198,530.00 to GH¢ 13,285,100.00.
Mr Adom-Asamening announced that, the Bank declared a dividend of GH¢ 0.025 per share.
He said the bank was developing a digital platform to enable it to meet the demands of its clients to facilitate the payment of their bills through the bank on their mobile phones.
The Board Chairman said looking into the future, the bank would collaborate with Vodafone to come out with a system that would enable clients to transact all their banking businesses digitally, without walking into the banking hall and waiting in queues or write cheques and wait for its maturity.
Mr Charles Pinkra, Eastern Regional Manager of ARB Apex Bank, congratulated the Board of Directors, staff and shareholders for their effort to make the bank profitable.
He said the ARB Apex Bank was working on a system to enable all rural banks in the country to operate ATM systems to ease access to their deposits with the banks.
The Member of Parliament for Fanteakwa South, Mr Okyere Agyekum, advised the shareholders of the bank to continue keeping their deposits in the bank and not to allow themselves to be tricked to transact businesses with some dubious micro-financing companies, which were using unsustainable profits on deposits to deceive people only for them to lose everything later.
He urged the shareholders of the bank to motivate their relations staying outside the country to save with the bank to enable the bank to raise its deposits and always be in business.
