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Business News of Friday, 9 November 2012

Source: GNA

Akyempim Rural Bank continues to flourish

The Akyempim Rural Bank Limited in the Central Region has over the past three years been recording increases in its operational profits, declaring a profit before tax of GH?155,157.00 in 2011.

The figure represents 10 per cent increase over 2010 profit of GH?140,877.00. Col Kwame K. Nyame (Rtd), Chairman of the Board of Directors of the Bank announced this at the 27th Annual General Meeting of shareholders of the bank at Gomoa Pinankor.

He said the shareholders fund also increased from GH?645,609.99 in 2010 to 745,830.00 in 2011.

The bank’s total deposit during the year under review also went up from GH?4,852,258 in 2010 to GHc6,883,802.00 in 2011, attributing the increase to high mobilisation drive which the directors and management carried out.

“Total assets of the bank rose from GH?6,550,179.00 in 2010 to 8,595,757.00  in 2011" , he said.

The Board Chairman said the bank granted total loans and advances to the tune of GH?4,295,995.00 in 2011 to 3,520 people showing substantial increase over 2010 figures of GH?3,330,079 in respect of micro finance, transport, trading and education.

Col Nyame appealed to beneficiaries of the loans and advances the bank granted to pay back for others to benefit. He encouraged shareholders to buy more shares to give the bank the needed strength to operate smoothly.

In a message delivered on his behalf  by Mr Enoch Richard Arkaifie, Head of Credit on behalf of Mr K.A. Kusi, Acting Managing Director, ARB APEX Bank Limited, said in the light of the complex and rapidly changing environment, rural banks were expected to enhance their operational efficiency and risk management to enable them to operate effectively in the dynamic banking industry.

He further urged the board of the bank to strengthen their internal control systems to ensure that their operations were executed in an orderly manner, consistent with best practices in the banking industry.

He commended the board of directors, management and staff for their achievement over the years, adding that they should take advantage of the technological improvements of their bank and re-position their operations to further enhance the bank.