The Manya Krobo Rural Bank recorded a net profit of GHc 703,853 last year as against GH517, 179 in 2012, representing an increase of 36.09 per cent.

The Chairman of the Board of Directors of the bank, Mr Benjamin T. Apo, made this known at the annual general meeting of the Bank at Odumase.

He said the refusal of many beneficiaries to repay loans had compelled the authorities to institute legal action against them and, therefore, urged the defaulters to pay back on time to avoid further embarrassment.

Mr Apo said judgment had been given in favour of the bank in some cases and some recoveries had been made adding that management and the board were in the process of going into execution for the unpaid part of the judgment debts.

Mr Apo said total deposits of the bank increased from GH13, 812, 493 in 2012, to GHc 16,957,523 showing a growth of 22.77 per cent.

He attributed the success of the bank to the strategies adopted by management and the board during the financial year under reviewed.

Mr Apo said total assets of the bank grew from GH17, 984,213 in 2012 to GHC 22,676,372 in 2013 while total investment also went up from GH 6,892,215 in 2012 to GHC 7,443,592 in 2013.

It made gains of total income, which rose from GH3,420,371 in 2012 GHC 4,474,431 in 2013.

On social responsibility to the communities in its catchment area, Mr Apo stated that they have supported institutions such as the Agormanya Central Mosque, Dangme Beads Festival and Lower Mnaya Municipal Health Directorate for the national polio immunization exercise, National Farmers Day celebration in Upper Manya, Ga East, Adentan, Yilo and Lower Manya districts.

Mr Apo said the bank went to the aid of two needy students of the University of Cape Coast, infrastructural development of some schools and admission of students into Mount Mary College of Education.

The Eastern Regional President of the Association of Rural Banks, Reverend Divine Nartey, appealed to loan defaulters to pay back to enable other customers to benefit from the facility.

The Managing Director of ARB Apex Bank Limited, Mr Kwadwo Aye Kusi, in an address read on his behalf commended shareholders of the bank for its sterling performance and enormous contribution to the sustenance of the APEX Bank Limited.

Mr. Kusi said there was significant increase in almost all the financial indicators of the bank in 2013, compared to 2012, including net profit and urged borrowers to repay loans to enable the bank record more profits.

He appealed to rural and community banks to look beyond profits and help to address developmental problems in their operational areas.