Nzema Manle Rural Bank exceeds BOG’s minimum capital requirement

The Nzema Manle Rural Bank Limited in the Western Region has exceeded the Bank of Ghana's (BOG) minimum capital requirement of GHC1,000,000.00 by Ghc0.16 million.

"I wish to state that Nzema Manle Rural Bank Limited met the required capital in 2016. The Bank's stated capital as of 31st December, 2018, was GHC1.16 million. This is in excess of the GHC1,000,000.00 minimum capital required by the Bank of Ghana," the Chairman of the Board of Directors, Mr Emmanuel Yankson-Kwofie, said.

This follows the BOG’s notice to rural and community banks requesting them to meet a minimum capital requirement of one million Ghana cedis by February 28, 2020.

At the 37th Annual General Meeting of the Bank at Awiebo in the Ellembelle District, Mr Yankson-Kwofie said it met the requirement in 2016, long before the announcement was made by the BOG.

"I am at this meeting informing all stakeholders that Nzema Manle Rural Bank remains strong and robust and poised to deliver secured banking, something it had done for the past 38 years."

He, therefore, called on the public to treat with contempt any information that the Bank was collapsing.

The Board Chairman said the Bank posted an outstanding operational performance in the 2018 fiscal year with profit before tax of GHC585,492.00, representing 47.1 per cent compared to GHC397,909.00 in 2017.

Total income soared by 23.2 per cent from GHC4,710,341.00 in 2017 to GHC5,804,892.00 in 2018, while total expenditure increased from GHC4,312,432.00 in 2017 to GHC5,219,400.00 in 2018, representing 21 per cent.

Total Assets rose from GHC27,151,565.00 in 2017 to GHC34,195,458.00 in 2018 representing 25.9 per cent with the Shareholders Fund increasing from GHC3,591,443.00 to GHC3,869,535.00 within the same period, representing 7.7 per cent.

Total Deposits also shot up by 29.8 per cent year-on-year from GHC22,109,952.00 in 2017 to GHC28,702,363.00 in 2018.

Total investment soared from GHC13,542,992.00 in 2017 to GHC16,131,533.00 in 2018, a 19.1 per cent increase.

On the proposed Dividend, he said: "The Board finds it obligatory to ensure that stakeholders enjoy attractive returns on their investment with the Bank at the end of every Financial Year".

"It is in this vein that your Board had decided to pay dividend of GHC0.0065 per share amounting to GHC84,024.00 in respect of the year ending 2018….The Board wish to assure you, our distinguished shareholders, of payment of attractive returns on your shares whenever profit is declared".

As part of its corporate social responsibility, the Bank spent a total of GHC86,843.50 on scholarships to brilliant but needy students, construction of a Community Centre for the Awiebo, and supporting the Best Farmer Awards in the Nzema East Municipality, Aowin, Jomoro and Ellembelle District assemblies.

Mr Yankson-Kwofie said it received a Gold Award in 2018 for Best Customer Service at the Fifth Western Regional Financial Services Excellence Awards.

He noted that; "The performance Assessment of 143 Rural and Community Banks (RCBs) by the Efficiency Monitoring Unit of the ARB Apex Bank Limited in the year under review rated the Nzema Manle Rural Bank among the Strong RCBs in the country".

Mr Kojo Mattah, the Managing Director of the ARB Apex Bank, in a congratulatory message read on his behalf, lauded the Board of Directors, Management, Shareholders and Staff for the impressive performance in 2018 and urged them to do more in the years ahead.