Senya Breku (C/R), Aug 19, GNA - The World Bank is to fund a 100,000 US Dollar networking system for the Union Rural Bank operating in the Awutu-Effutu-Senya District of the Central Region. This was based on the recommendation of the Bank by the ARB Apex Bank, an umbrella organisation of Rural and Community Banks in the country to the World Bank for the project.
Mr Kwasi Essel-Koomson, Chairman of the Board of the Union Rural Bank, announced this at the Fourth Annual General Meeting of the shareholders at Senya Breku, on Saturday. He said the project when completed would enable customers to transact business at any branch of the Bank at Kasoa, Senya Breku, Winneba and both the North and South campuses of the University of Education at Winneba.
Mr Essel-Koomson on behalf of the Board, staff and shareholders of the Bank expressed appreciation to the ARB Apex Bank and the World Bank for the gesture and expressed the hope that it would go a long way to improve its services to its customers. He said that the Bank made a net profit of 722 million cedis in the 2005 fiscal year as against 301 point 7 million cedis in the previous year.
The Board Chairman said the Bank had projected a net profit of 1 point 4 Billion Cedis by the end of the December this year while a total of 150 million cedis out of the profit had been set aside as dividend for shareholders.
Mr Essel-Koomson said share capital jumped from 212 Million Cedis in 2004, to 219 Million cedis during the period under review. He recommended to the shareholders to use their dividends to buy more shares to enable the Bank to meet its capital ratio requirement of 500 Million cedis demanded by the Bank of Ghana. Total deposit of the Bank rose from 8 point 4 Billion cedis in 2004 to 12 point 2 Billion cedis at the end of December 2005 while its total assets also shot up from 10 Billion cedis to 14 point 3 Billion Cedis during the period.
The Board Chairman said that the Bank maintained the 3 Billion Cedis it invested in Treasury Bills during 2004 and granted loans totalling to 10 point 4 Billion Cedis in 2005 as against 5 point 7 Billion Cedis given out in 2004.
Of the amount 4 point 5 Billion Cedis went to 2,465 women in micro businesses within the area of its operation. Other beneficiaries included students, workers and farmers, he said, adding that, the Bank donated 52 point 4 Million cedis towards the promotion of education and traditional councils in the District in 2005 as part of its social responsibilities.
He praised Directors, management, staff and shareholders for their co-operation, support and commitment, which had cumulated in the achievements of the Bank over the years and appealed to them to sustain the spirit, Mr Essel-Koomson expressed satisfaction at the goodwill the Bank has enjoyed from the government, District Assembly and donor organisation to augment its micro finance schemes and gave the assurance that the Bank would work hard to ensure that Rural Banking was sustained in the country.
