Nsoatreman Rural Bank Limited at Nsoatre in the Sunyani-West District of the Brong Ahafo Region has posted impressive growth in all financial performance indicators of the 2012 year under review.

The bank accrued a total profit before tax of over GH¢200,000 in the year under review as against a little over GH¢127,000 in the previous year, representing a noteworthy increase of 62%.

The total deposits of the bank in the 2012 financial year summed up to approximately GH¢6.3million, which shows 29% a sound growth over the year gone by – the amount hovering around GH¢4.8million. This was the dividend of the hard work by staff coupled with a prudent mobilisation-drive embarked upon by the Board of Directors and management.

These and many more were some of the highlights of the 2012 annual report delivered by the Chairman of the Board of Directors, Kofi Agyeman, during the 24th Annual General Meeting of shareholders held at the Assembly Hall of Sacred Heart Senior High School, Nsoatre, last Sunday.

In the ensuing years, the Board and management have decided to, as much as practicable, cut down expenditure and “re-strategise” to further increase their income margin and higher returns. The total operating expenses of the banking 2012 shot up from approximately GH¢916,000 in 2011 to over GH¢1.3million, which represents close to 43% growth.

Notwithstanding the challenges, Nsoatreman Rural Bank during the year under review was able to weather the storm and showed satisfactory growth with other performance indicators such as Loans & Advances, Total Assets, Investments and Stated Capital, as depicted in the table below.

The Directors of the bank have therefore recommended a dividend payment of GH¢0.017 per share for 2012. The total proposed dividend for 2012 amounts to GH¢9,958.

The bank has not relented in its efforts in the area of social responsibility. A scholarship package instituted by the bank, which was put on hold for a period due to some challenges, has been reactivated. Four (4) Senior High School students selected from Nsoatre, Jinijini, Chiraa and Yamfo are currently enjoying the package amounting to GH¢10,800 to cover their entire educational course.

The Board Chairman concluded his address by expressing his sincere gratitude to the management and staff of the bank for their “commitment, courage and loyalty” in the midst of growing challenges in the banking industry. He also equally commended his colleague directors for their “constant” support to the cause of the bank.

Mr. Mark Odoi Adjei, Sunyani branch Manager of the ARB Apex Bank who deputised for the MD of Apex, entreated the board and management staff of the bank to put in place measures to control cost, adding that loan recovery measures should be intensified to reduce advances and overdue loans.

Despite the success of the bank, Mr. Adjei said: “The current performance can be improved by implementing more schemes to mobilise deposits and shares; improving risk management; audit and compliance functions; and stepping-up staff training and motivation.”