Union Rural Bank posts GH¢451284 profit

The Senya Beraku-based Union Rural Bank has posted a modest GH¢451,284 profit before tax in the year ending December 31, 2012. This is a 10 percent increase from the GH¢411,419 posted by the bank in the year 2011.

The chairman of the board of directors, Col. K. Abaka Jackson (rtd) disclosed this at the 11th Annual General Meeting of the bank held at Senya Beraku in the Central Region.

He announced that the bank focused on consolidating its gains in market share and profitability in a highly volatile and competitively charged market place.

According to Col. Jackson, the influx of micro-finance companies into the Kasoa, Weija, Winneba, Agona Swedru and even Senya Beraku areas meant even stiffer competition to maintain the bank’s market share.

He also added that the global economic conditions continued to be less favourable, given the concomitant effect of the financial meltdown.

In spite of all this, the bank’s total operating income rose to GH¢2,928,835 from the 2011 figure of GH¢2,261,891 representing a 29 percent rise while the total operating expenses recorded was GH¢52,477,550, up from GH¢1,850,472, a rise of 34 percent.

According to the chairman, the bank’s total assets went up by 23 percent from GH¢6,733,341 in 2011 to GH¢8,305,187. He thanked the shareholders for successively voting to plough back dividends in order to bolster their share capital which now stands at GH¢305,187 at the end of 2012.

In an address read on his behalf by Mrs. Grace Bartels-Kodwo, the managing director of Apex Bank Mr. Kwadwo Aye Kusi commended the board, management and staff for the modest achievements of 2012.