Business News of Tuesday, 18 November 2008

Source: GNA

Nyankumasi Ahenkro Rural Bank makes progress

Nyankumasi Ahenkro (C/R), Nov 18, GNA - The Nyankumasi Ahenkro Rural Bank in the Assin South District has declared a profit after tax of 60,405,00 Ghana cedis in 2007 as against 42,050,00 Ghana Cedis in 2006. Lt-Colonel Nicholas Andrew Otoo (Rtd), Vice Chairman of the Board of Directors of the bank, said this at the 22nd Annual General Meeting (AGM) of the bank at Nyankumasi Ahenkro on Saturday. He said the bank's deposit rose from 610,700.00 Ghana cedis in 2006 to 811.502 in 2007, an increase of 25.8 percent.

Assets of the bank increased from 878,017.00 Ghana cedis in 1,153,666.00 in 2007. It gave out loans and advances totally 615, 000, 00 Ghana cedis in 2007 as against 320,000.00 in 2006, The bank disbursed 558,150.00 Ghana cedis in 2007 as against 390,150.00 Ghana cedis to groups and individual customers under the micro finance project to expand their businesses. He said the bank bought 692,000.00 Akuafo cheques from cocoa farmers in 2007 as against 380,000.00 in 2006. Mr. Eric Osei-Bonsu, Managing Director of ARB Apex Bank, said in a speech read for him that the performance of most rural banks had been encouraging as they had consistently registered an impressive deposit mobilization and increase in share capital.

He urged the banks to improve their customer care to enhance their operations and avert losing their potential customers to the big banks. Mr. Osei-Bonsu said the sign-on fee required had been paid by Apex Bank to pave way for rural and community banks to participant in the e-Zwich programme introduced by Bank of Ghana (BOG). Mr. Kweku Acquaah, President of the Central Regional Chapter of the Association of the Rural Banks, reiterated the call on the shareholders to buy more shares to increase the bank's capital to 150,000 Ghana Cedis as required by the Bank of Ghana.