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Business News of Monday, 20 August 2012

Source: GNA

Bawjiase Area Rural Bank records profit in 2011

The Awutu Bawjiase Area Rural bank made a profit before tax of GH¢727,772 in the year 2011 as against GH¢673, 686 in 2010, representing 13.1 percent increase.

Mr. Emmanuel Osei, Chairman of the Board of Directors of the bank, made this known at the 22nd Annual General Shareholders Meeting of the bank at Awutu Bawjiase in the Central Region on Saturday.

He said the bank’s total deposit increased from GH¢6,544,597 in 2010 to GH¢7,874,877 in 2011, an increase of 19.4 per cent.

Mr. Osei said the total assets of the bank improved to GH¢11, 097,453 in 2011as against GH¢9,253,959 in the year 2010.

The Chairman said the bank granted loans amounting to GH¢5,112,955 in 2011 as against GH¢4,728,371the previous year saying that micro finance constituted over 76 per cent of the loans disbursed to customers.

He said the share capital of the bank increased from GH¢850,270.00 Ghana in 2010 to GH¢1,109,875 in 2011.

According to the chairman, the board proposed payment of dividend of GH¢0.0183 per share, amounting to GH¢140,000 to shareholders, adding that the bank voted GH¢13,475.99 to be used as scholarship fund to support brilliant but needy students in its catchment area.

Mr. Duke Osam-Duodu, acting Managing Director of the ARB Apex Bank in a speech read for him commended the bank for its impressive performance in the past years.

He advised the board to institute a risk management policy to identify, assess, monitor and control operational and credit risk, to improve efficiency of the bank.

Mr. Osam-Duodu said the Apex bank is working assiduously to resolve teething problems to enable the bank offer quality services to its clients at minimum cost through introduction of electronic product-mobile and SMS banking to increase it income streams.

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