You are here: HomeNews2010 08 18Article 188531

Business News of Wednesday, 18 August 2010

Source: GNA

North Volta Rural Bank Rated

Guaman (V/R), Aug 18, GNA - North Volta Rural Bank has been rated first in the strong category, a position it jointly shared with Bawjiase and Kintampo Rural banks.

Mr Eric OSei-Bonsu, the Managing Director of ARB Apex Bank, said this at the 16th Annual General Meeting of the at Guaman in the Jaiskan District.

He urged the board, management and staff not to be complacent with the achievements but evolve dynamic and new financial products, repackaging existing ones, expand outreach in microfinance, all targeted at rural poverty reduction.

Dr Patrick Ata, Board Chairman of the bank, said in an address read for him that the bank mobilized GHc 1.674 million as of December 2009 compared to the previous year's GHc 1.277 million.

Investment in treasury bills increased to one million Ghana Cedis from the GHc 620,000 within the period under review.

Income soared from GHc 473,971 in 2008 to GHc 664,153 in 2009, an increase of 40.13 percent. Profits rose to GHc 201,012 in 2009 from GHc 128,785 in 2008, an increase of 56 percent.

He said the bank exceeded all statutory requirements, posting 18.9 percent in primary reserves, 59.72 percent in secondary reserves and 37.50 percent in capital adequacy ratio from the required eight, 30 and 10 percent respectively.

Dr Ata appealed to loan defaulters to repay or the bank would resort to court action to recover overdue loans.

Mr Ford Henry Kamel, the Deputy Minister of Lands and Natural Resources, commended the bank for its achievements and urged them to be innovative and break new grounds.