The Manya Krobo Rural Bank, recorded a net profit of GH¢517, 179 last year as against GH¢223, 526 in 2011, representing an increase of 131 per cent.

The bank also granted a total of GH¢7,195,606 loans last year to its customers.

The Chairman of the Board of Directors of the bank, Mr B.T. Apo, made this known at the annual general meeting of the financial entity at Odumase over the weekend.

He stated that 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 total deposits of the bank increased from GH¢10, 563,403 in 2011 to GH¢13, 812, 493 in 2012, showing an improvement growth of 30.76 per cent.

He attributed the success of the bank to the strategies adopted by management.

Mr Apo said total assets of the bank grew from GH¢12,990, 390 in 2011 to GH¢17, 984,213 in 2012 while total investment also went up from GH¢ 3,166,107 in 2011 to GH¢ 6,892,215 in 2012.

He said the bank made gains total income, which rose from GH¢2,511,135 in 2011, to GH¢3,420,371 in 2012.

On social responsibility to the communities in its catchment area, Mr Apo stated that the facility supported institutions such as the Ghana Police Service at Madina, Ashiyie, and Nuaso.

The bank also supported the National Farmer’s day celebration in Upper Manya, Yilo and Lower Manya Districts.

Mr Apo said the bank went to the aid of two needy students of the University of Ghana and the Kwame Nkrumah University of Science and Technology.

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.