Kwaebibirem Rural Bank makes profit

Asuom (E/R), Nov. 24, GNA - The Kwaebibirem Rural Bank at Asuom in the Eastern Region, last year made a profit of 119,865 Ghana Cedis as against 109,013 Ghana cedis the previous year, accounting for 10.99 per cent increase.

The bank's investment increased by 44 per cent from 526,413 Ghana cedis in 2006 to 757,834 Ghana cedis in 2007. The Chairman of Board of Directors, Mr Samuel Yaw Apeatu, disclosed these at the 23rd Annual General Meeting of the bank at Asuom. He said loans and advances increased by 42 per cent from 1,010,696 Ghana cedis in 2006 to 1,430,881 Ghana cedis in 2007 adding "that meant the bank was able to meet demands of more customers". Mr. Apeatu said 476,960 Ghana cedis of the loans and advances went into agriculture, 386,520 Ghana into commerce wand 567,400 Ghana cedis into salary advances.

He expressed worry about large number of customers who defaulted in repaying and said the Board had initiated legal action as the last resort against defaulters. On the bank's total assets, Mr. Apeatu said it had increased by 44 per cent from 1,976,652 Ghana cedis in 2006 to 2,848,102 Ghana cedis in 2007.

Mr Yaw Yiadom Boakye, Kwaebibirem District Chief Executive, in a speech read for him, commended the Board, management and Shareholders of the bank for their dedication to work, which led to the success of the financial institution.

He urged management to adopt comprehensive strategies to address challenges facing the bank. Mr Yiadom-Boakye asked management of rural banks to boost the morale of staff through good remuneration and training. He asked the ARB Apex Bank to speed up the computerization, of rural banks to ensure efficiency.