Anlo Rural Bank makes huge profit

Anloga, June 15, GNA - The Anlo Rural Bank made a profit of 32,711 Ghana cedis last year from 3,927 Ghana cedis in 2007, an increase of 800 per cent.

Its share holdings also rose to 256,530 Ghana cedis from 223,818 Ghana cedis, an increase of 15 per cent. Mr William Fugar, Chairman of the Board of Directors told the Annual General Meeting of the bank at Anloga on Saturday that deposits increased from 882,869 Ghana cedis in 2007 to 1,032,153 Ghana cedis in 2008, a jump of 17 per cent.

Total assets increased 18 percent from 1,420,355 Ghana cedis to 1,673,758 within the period.

Investments rose from 733,729 Ghana cedis to 831,073 Ghana cedis. Mr Fugar said the bank had to grapple with some non-performing loans resulting in increased provision for bad and doubtful debt which shot up from 38,917 Ghana cedis to 44,585 Ghana cedis. Mr Francis Kwami Akoto, Volta Regional Chairman of the Association of Rural Banks (ARB) said the Anlo Rural Bank, though had been one of the oldest, is now among the youngest ones as it collapsed and was resuscitated.

He said as part of its resuscitation, it had been granted a tax holiday by the Bank of Ghana (BoG) since 2001 and within which period, it could not declare and pay dividend. Mr Akoto said the quality of the bank's board, management and its operations had so far made the bank one the most highly appraised by the ARB in the region and the country. 15 June 09