Odotobri bank records steady growth

Obuasi, May 10, GNA - The Odotobri rural Bank with its headquarters at Jacobu in the Amansie Central district has for the past five years made steady growth in its performance indicators, including deposits, assets and profits.

The bank's total deposits, which stood at 4.762 billion cedis in 2001 increased to 24.4 billion cedis in 2004 whilst total assets rose from 7.745 billion cedis in 2001 to 31.627 billion cedis in 2004. This was contained in the bank's brochure made available to the Ghana News Agency.

The publication indicated that investments shot up from 2.723 billion cedis in 2001 to 12.032 billion cedis in 2004 with profits reaching 1.406 billion cedis in 2004.

The bank's shareholders fund which stood at 1.3 billion cedis in 2001 rose to 4.6 billion cedis whilst shares increased from 56.1 million cedis in 2001 to 501.2 million cedis in 2004.

The brochure said the bank introduced a number of products including the micro finance loans, which was designed to meet the needs of poor women within its operational area.

The bank launched a scholarship scheme in 2001 to assist wards in the bank's catchment area to enter Junior and Senior Secondary and tertiary institutions.

So far, 250 pupils from JSS and 60 students from senior secondary and tertiary institutions had benefited from the scheme, according to the publication.

"The bank's focus is to provide the needed assistance to promote the socio-economic development and transformation of the people in the area of operation", it said. 10 May 06