You are here: HomeBusiness2015 05 29Article 360043

Business News of Friday, 29 May 2015

Source: GNA

Akuapem Rural Bank increase profit by 10%

The Akuapem Rural Bank at Mamfe, increased its profit before tax by 10 per cent from GH¢1,810,044.00 in 2013 to GH¢1,991,686.00 in 2014.

The Bank also achieved a net worth growth of 12.6 per cent for the year under review.

The Bank was also declared the Best Community and Rural Bank in the Eastern Region in 2013, at the first Rural and Community Banks Excellence Award ceremony organised by the Association of Rural Banks Ghana last year.

Nana Obeng Kumi the second, Board Chairman of the bank, made this known at its 34th Annual General Meeting at Mamfe-Akuapem.

He said total Assets /Liability of the Bank increased by 5.2 per cent from GH¢30, 729,303.00 in 2013 to GH¢ 32,342,185.00 during the year under review.

He said loans and advances portfolio of the bank dipped by 6.1 per cent, and explained that the situation made the bank to review some of the traditional loans, and introduced new loan products on the market, which attracted customers to the Bank.

He said for the year 2014, the Board of Directors of the Bank declared a dividend of GH¢0.0060 per share, which translated into GH¢0.60 per 1,000 shares, adding that the same dividend was paid to shareholders the previous year.

The Deputy Head of Projects and Credit, ARB APEX Bank, Mr Enock R. Arkaifie, urged the Akuapem Rural Bank to offer innovative products and improve upon its customer service delivery, to be able to maintain its leading position in the Rural and Community banking industry.

He also advised Management of the Bank to take measures to reduce the high provision for bad and doubtful debt, and improve upon the bank's loan monitoring and recovery procedures.