Komfo Anokye Rural Bank made modest profit of 150 million cedis

Wiamoase (Ash), Nov. 29, GNA - The Komfo Anokye Rural Bank at Wiamoase in Ashanti made a modest net profit of 180.2 million cedis from its operations this year, Mr Kofi Anokye-Manu, Chairman of the Shareholder's of the bank has announced.

This, he said, works out to an increase of 237.84 percent compared to the net profit of 53.9 million cedis declared by the bank in 2001.

Presenting his 2002 report at the 17th annual general meeting of the shareholder's of the bank at Wiamoase in the Afigya-Sekyere district on Friday, Mr Anokye-Manu said the total assets of the bank rose from the 2001 figure of 2.3 billion cedis to 4.5 billion cedis, an increase of 100.65 percent.

The total deposits of the bank, which is undergoing re-structuring and re-organisation shot up from two billion cedis to 3.8 billion cedis in 2002, a rate of 90 percent, he said.

Mr Anokye-Manu indicated that the bank's investment increased from one billion cedis to 1.8 billion cedis in 2002 an increase of 66.5 percent.

The chairman charged the shareholders to increase their shareholdings to enhance the capital base of the bank and said the current share capital of the bank stands at 111.8 billion cedis, as at October 2003.

Loans and advances totalling 1.2 billion cedis were disbursed to the bank's customers which was 51 percent higher than the 614.5 billion cedis disbursed last year.

He commended Mr Appiagyei Antwi, who was seconded to the bank by the Bank of Ghana (BOG) for 12 weeks as a relieving manager for his tireless and devoted work during the current restructuring and re-organisation of the bank.

Mr Ken Owusu-Twumasi, Head, Human Resources and Administration of the Association of Rural Banks (ARB) Apex Bank said, the Rural Banks are to be computerised to facilitate their operations throughout the country this year.

He said the programme will be funded by the African Development Bank (ADB) and it will be completed in three years, with a Wide Area Network (WAN) connecting all the Rural and the Community banks.

Mr Owusu-Twumasi said the Apex Bank will establish five branches in the country by the end of 2005. Three branches will be established next year in Takoradi, Kumasi and Bolgatanga and two additional ones will be established in Sunyani and Accra in 2005.

He called for co-operation between the new board of directors and shareholders to enhance the development of the bank.