Assin Manso (C/R), Oct. 26, GNA - Rural and Community Banks (RCBs), have been urged to institute risk management policy to identify, assess and monitor risks in their banking operations. The Managing Director of the ARB Apex Bank Limited, Mr Eric Osei-Bonsu said such risk management policy must incorporate all activities required to identify and control the exposure of risks, which might have a negative or adverse impact on the achievement of the bank's business objectives.

He said this in a speech read for him at the 16th Annual General Meeting of the Assinman Rural Bank at Assin Manso in the Central Region last Saturday. The ARB Apex Boss, commended the bank for its modest achievement in the past years and cautioned its board, management and staff not be complacent and rest on their oars but should continued to work hard to achieve more.

Mr Osei-Bonsu reiterated that today's banking dependent on the provision of quality service to customers, adding that without customers they could not stay in business. "The big banks continue to lure customers of smaller banks through quality service and it is, therefore, important for RCBs to address this issue by investing in training programmes that would help improve on quality service delivery," he said.

Mr Osei-Bonsu stressed the need for RCBs to endeavor to build a good corporate image for themselves to ensure the loyalty of customers and patronage of their products. The Chairman of Board of Directors of the bank, Mr Frank Owusu in his annual report, said the bank's profit increased from GH¢47,021.40 in 2006 to GH¢87,178.55 in 2007, a rise of 53.94 per cent. Mr Owusu said the total assets of the bank rose from GH¢1,574,280.80 in 2006 to GH¢2,598,596.74 in 2007, a rise of 60.58 per cent.

He said loans and advances given to customers increased from GH¢647,849.20 in 2006 to GH¢1,672,940.78 in 2007, representing an increase of 258.23 per cent, adding that credit were extended to areas such as agriculture, commerce, personal and education. Mr Owusu said the bank was looking forward to purchase lands at Assin Manso and in some other communities to establish agencies in order to increase its assets and client base as well as expand its overall operations.