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Business News Thu, 19 Jun 1997

New Juaben Rural Bank Makes 50.6mC Profit

Juaben (Ash), -- The Juaben Rural Bank in Ashanti made 50.6 million cedis profit last year as against a profit of 20 million cedis it made in 1995. The bank's deposits also rose from 624.4 million cedis in 1995 to 958.3 million cedis last year, Nana Awuah Darko Ampem, chairman of the Board of Directors of the Bank, announced at Juaben yesterday. Addressing the annual general meeting of shareholders of the bank, he said the bank granted loans totalling 550 million cedis out of which 170.9 million cedis went to the agricultural sector. Nana Ampem said 85 million cedis went into trading; cottage industries took 100 million cedis while 78.7 million cedis went into transport and 115.4 million cedis went into education, housing and funeral expenses. With its deposit base of 958 million cedis, he said, the bank used 525 million cedis to purchase treasury bills. Nana Ampem announced that the bank's status has been elevated from a rural bank to that of a community bank and the necessary steps have been taken to change its name to Juaben Community Bank. He said last year the bank contributed 2.3 million cedis to four communities and the Juaben Secondary School. The beneficiary communities were Atia, Ejisu, Bonwire and Kwaso which received 500,000 cedis each for their market and electrification projects while the Juaben Secondary School received 300,000 cedis for the repair of the school truck. Nana Ampem said the current capital of the bank has reached 31.9 million cedis with the income surplus of 57.8 million cedis plus a General Reserve Fund of 19.1 million cedis and that the shareholders funds now stands at 109 million cedis. He expressed his appreciation to the shareholders for their patience and tolerance towards the board and management of the bank over the years and hoped they will continue to do so.

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