Rural Bank declares more net surplus

Akuma (B/A) Oct. 05, GNA - Nkoranza-Kwabre Rural Bank in Brong-Ahafo, with headquarters at Akuma, near Nkoranza, declared a net surplus of 447.7million cedis as at the end of 2005, as against 126 million cedis it made the previous year.

Mr. Joseph Tachie-Djan, Chairman of the Board of Directors of the Bank, who disclosed this at the 22nd annual general meeting said the bank recorded a total deposit of 8.91 billion cedis, which represented an increase of 35 per cent over the previous year's of 6.6 billion cedis.

He said the bank also gave out 7.88 billion cedis in loans and advances to customers to improve their economic activities. The Board Chairman announced that the ordinary shares of the bank increased from 61.6 million cedis to 104. 463 million cedis and fixed assets from 438 million cedis to 834.9 million cedis.

Mr. Tachie-Djan said as part of the bank's social responsibilities and as a good corporate citizen, it donated 100 bags of cement to support an on-going new police station building project at Akuma.

Mr. Tachie-Djan said one of the challenges that faced the bank was the need for the shareholders to increase their share capital to enable it to meet Bank of Ghana's minimum capital of 500 million cedis and to be recognised as a rural bank with a firm financial base. He therefore appealed to the shareholders to redouble their efforts to at least obtain 100,000 cedis shares towards the achievement of this goal.

The Board Chairman expressed regret about the behaviour of some customers who refused to pay back loans and advised such persons to change to avoid being prosecuted in court.

The bank has agencies at Nkoranza, Nkwabeng and Donkro-Nkwanta, all in Nkoranza district and at Tuobodom and Techiman in Techiman Municipality.

Mr. Maxwell Donkor, Brong Ahafo Regional Manager of ARB Apex Bank Limited who represented the Managing Director of the Bank, Mr. Emmanuel K. Kwapong, entreated the shareholders to improve their shares to make the bank stronger "since shareholders' fund is the main source of the bank's business expansion".

Mr. Donkor stressed the need for the shareholders to elect men and women with proven integrity, honesty, adequate academic qualifications and business acumen as board of directors to promote prudent oversight responsibility.

In an address read for him, Mr. Yaw Owiredu-Peprah, President of the Brong-Ahafo Region Chapter of the Association of Rural Banks, urged persons entrusted with responsibilities in the banks to exercise a high sense of decorum and to regard such opportunities as service to mankind, "not as an avenue for them to amass wealth overnight".

He advised the staff of the bank to live above reproach and shun negative attitudes and practices.

Nana Ansah Sasraku II, known in private life as Mr. Daniel Ansah Duah, Manager of the Bank, announced that the bank would not relent in offering support to communities of its agencies "as it is upon the contributions of the people that the bank is growing".

Mr. Richard Okoe, project officer, urged shareholders who were not customers of the bank to change and "do business" with the bank to benefit from credit facilities. 05 Oct. 06