Dangme Rural bank declares 762.9 million cedis profit

Prampram, Sept 28, GNA - The Dangme Rural Bank Limited (DRBL) on Saturday, declared a net profit of 762.9 million cedis for 2002 as against 594.6 million cedis in 2001.

With a share of 12 cedis, 231.8 million cedis has been proposed for payment of dividend, Nii Dortey Abotsi, Chairman of the Interim Management Committee (IMC), stated at the bank's 18th annual general meeting at Prampram.

He said total deposits increased from 4.2 billion cedis to 7.3 billion cedis, representing 73 percent while total assets shot up by 91.8 percent from 5.35 billion cedis to 10.27 billion cedis.

The Chairman said 1.8 million cedis was disbursed as loans in 2002 as against 1.2 million cedis in 2001, which went into various investments such as farming, fishing, children's education and poultry.

Efforts were made to recover 188.6 million cedis outstanding loans and advance while the recalcitrant defaulters were prosecuted. Nii Abotsi said a strategic plan is underway to enhance profitability by increasing the bank's assets, customer satisfaction as well as improving shareholder value.

In order to enable more people transact business and increase savings, he said, two addition agencies were opened at Tema and Asutsuare. Mr K. T. K. Agban, Dangme West District Chief Executive, in an address read on his behalf commended the bank for its efforts in expanding its services, saying the establishment of a branch at Asutsuare would enhance the operation of the District Assembly. He said it has shortened the journey of the people in the area, who had to travel to Akuse in the Eastern Region to make financial transactions.

With the bank at Asutuare the Assembly has been able to process some credit facilities to individuals under the Poverty Alleviation Scheme in the area.

Mr Agban commended the bank for its impressive record since most rural banks were folding up because of mismanagement and other factors. Mr Emmanuel Yaw Sarpong, Deputy Head of banking operations and treasury of the ARB Apex Bank Limited, enumerated the activities of the bank.

He said the APEX Bank and the rural banks are collaborating with the various government agencies to help alleviate poverty under the Social Investment Fund, Women's Development Fund and the Village Infrastructure Project.

The general meeting elected unopposed, Nii Abotsi and Mr K. Sackey, an employee of the Tema Municipal Assembly as members of the new Board of Directors. 28 Sept 03