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Business News of Tuesday, 25 October 2016

Source: Seth Krampah

Kumawuman Rural Bank commits over GH¢77,000 into scholarship

The Kumawuman Rural Bank Limited at Kumawu in the Sekyere Afram Plains District of Ashanti Region has posted a very impressive operational performance in all indicators in the 2015 year under review.

The Bank in the 2015 year under review voted a total amount of GH¢86,820 for its corporate social responsibility activities.

The Bank focused its effort on education by spending an amount of GH¢ 77,200 on Scholarships for 68 students who hail from the Bank’s operational territories and are children and guardians of shareholders of the Bank pursuing various courses of study in secondary and tertiary institutions.

This is expected to go a long way to help in educating the youth who are potential customers and shareholders of the Bank. It is therefore anticipated that these assistance and interventions will in the long-run lead to accelerated development of the communities in which the Bank operates for the benefit of all. Other communities and institutions within the Bank’s catchment areas also benefitted from the Bank in diverse ways.

The Bank recorded a total deposit of about GH¢38 million in the year under review as against a little over GH¢31 million in the previous year representing 21% growth. This was as a result of the hard working staff and the mobilisation drive pursued by the Directors and Management.

The Bank’s profit after tax in 2015 stood at approximately GH¢1million representing a marginal growth of 1.87% over the previous year’s profit of a very little over GH¢864,587

These and more were contained in a report delivered on behalf of the Chairman of the Board of Directors, Dr Kwabena Duffour by Mr Asare Yeboah who is a member of the Board of Directors at the 23rd Annual General Meeting of shareholders held last Thursday at the Presbyterian Church at Kumawu in Ashanti.

According to him, the Bank operated in a challenging economic environment, largely due to higher inflation, and higher operational cost. However, the Bank made some significant progress in its performance. In spite of the many challenges faced by the Board of Directors and Management, they worked hard during the year under review, to raise Total Assets, Deposits, Paid-up Capital, Loans and Advances, Portfolio and Profits before Tax as shown in the table.

The Directors of the Bank have recommended a dividend payment of GHp3.00 per share for 2015 year under review. The total dividend proposed is GH¢ 249 403 as against GH¢ 49,287.00 paid in 2014.

The Ashanti Regional Manager of ARB Apex Bank, Mr George Annor on behalf of the Managing Director, Mr Kwadwo Ayeh - Kusi congratulated the Bank for the tremendous operational performance over the years.

He advised the Board and Management to institute risk management policy to identify, assess, monitor and control risks, since the banking business has become very competitive and risky.

Touching on the future outlook, The General Manager of the Bank Emmanuel Takyi Ankra told newsmen in an interview that the bank will be leveraging on available technology to introduce several variants of products and a new e-banking to meet diversify needs of its cherished customers.

He said n fulfillment of government rural branchless banking project in the country, the bank will introduce Hybrid ATMs at some of the Bank’s branches. These branded ATMs enable e-zwich, visa, gh-link etc, will make cardholders perform banking and retail transactions at the outlets of other Universal banks.

The bank will also introduce e-banking services such as internet banking, and mobile banking to transform the customers banking experience from branch banking to “anytime, anywhere” banking. To sustain our deposit mobilisation effort, the Bank will soon open a new agency at Alabar, near Aboabo Station, Kumasi.

The Bank will also strengthen its Credit and Loans Recovery Department in an effort to recover loans from recalcitrant loan defaulters

In conclusion the Board Chairman expressed his profound gratitude to all major stakeholders such as the chiefs and people within the Bank’s operational areas, Bank of Ghana, ARB Apex Bank, and the Association of Rural Banks for their continuous support.

Dr Kwabena Duffour, Board Chairman