Nyakrom Rural Bank declares profit

Odoben, (C/R) Dec 11, GNA - The Nyakrom Rural Bank has declared a profit of GHC1,285,557 for 2010 as against GHC990,193 in 2009, an increase of 29.8 per cent.

Mr Timothy Osam Duodu, Chairman of the Board of Directors of the Bank, made this known at the 34th Annual General Meeting (AGM) of the shareholders at Odoben in the Asikuma-Odoben- Brakwa District of the Central Region at the weekend.

The Chairman said the bank’s total deposits showed an appreciable increase from GHC3,254,154 in 2009 to GHC4,503,815 in 2010.

Mr Osam Duodu said the total assets of the bank also increased from GHC3,837,228 in 2009 to GHC5,079,237 in 2010, saying cash balances, government securities, loans and others also increased.

Hs said the bank also disbursed GHC1,389,350 in 2010 as against GHC137,050 to women groups under the Microfinance Program of Women in Development Scheme to expand their businesses.

The board Chairman said due to prudential business plan and capacity building given to the women, the groups increased from 45 in 2009 to 107 in 2010 and asked the women to purchase more shares to increase the share capital of the bank.

He said the bank had extended its branches to five districts and Municipal Assemblies in its catchment area to mobilize more equities to improve its deposits.

He said the bank granted loans and advances totaling GHC2,741,915 in 2010 as against GHC2,395,017 in 2009.

Mr Hyginus S. Zon, Head of Internal Control Department of ARB Apex Bank, who delivered speech on behalf of Mr Eric Osei Bonsu, Managing Director, (MD) urged Rural and Community banks to develop and create a unique marketing niche to strengthen their microfinance scheme.

The MD said banking business has become competitive and risky due to the current pace of development of Information and Communication Technology (ICT).

Mr Osei Bonsu called on the board and management of rural banks to initiate moves to offer on-job training to staffs to develop their skills and competencies.

The MD said 80 rural banks with 451 branches and agencies had been automated under the ARB Apex Bank’s computerization programme with assistance from the Millennium Challenge Account (MCA).

Mr Osei Bonsu cautioned management and staffs of rural banks to be vigilant and ensure that fraudsters did not take advantage of the new system of cheque clearing to defraud their banks.

The MD announced that Apex Bank with support from the development partners would establish a unit to manage share registration issues for rural banks.