Mepe Rural Bank Declares Profit

Mepe, Aug11, - The Mepe Rural Bank this year declared a net profit of over 48.7 million cedis as against 21.7 million cedis in 1995, an increase of approximately 27 million cedis or 123.9 per cent. Mr Adogla-Bessam, Chairman of the Board of Directors, made this known when he addressed the fifth annual general meeting of the bank at Mepe at the weekend. He said the profit works out to 543.40 cedis per share as against 246.80 cedis in 1995, an increase of 296.6 cedis or 120.2 per cent. The chairman said the gross income of 110,577,000 cedis exceeded the 1995 figure of 56,861,000 cedis by 53,716,000 cedis, representing 94.46 per cent and the highest so far in profits. He said the bank paid a total of 24,805,000 cedis as against 12,005,000 cedis in 1995 as interest on savings and fixed deposits. He said the shareholders fund of 100,469,000 cedis works out to 1,120.50 cedis per share as compared to 582.60 cedis in 1995. Mr Adogla-Bessam regretted that the bank's consumers are not rpt not taking advantage of its new schemes known as ''Afenoto, Christmas and Child Education'' which aims at making them overcome some of their petty financial problems. He said the bank is planning to introduce a bond savings scheme under which bonds of no fixed price would be sold to purchasers at a price of their choice. The purchaser will later on present the bond to the bank to be credited to his savings accounts. The Board chairman said the bank has contributed 1,482,000 cedis directly to development projects and granted interest-free loans to the Mepe Development Association to finance its projects. It has also agreed to donate its old roofing sheets from the bank premises to Mepe St Kizito Secondary Technical School to roof its proposed student hostel. Mr Austin A. Gamey, Member of Parliament for North Tongu and Deputy Minister of Employment and Social Welfare, urged shareholders and citizens of the town to go into cash crop production and cottage industry. He also advised them to form cooperatives to have easy access to bank loans to expand their farms and create job avenues for the youth. He called on the bank to help train the youth in the area to acquire professional skills in masonry, carpentry, and steel bending, among others. Mr Gamey said the government intends investing heavily in agriculture and asked the shareholders, individuals and the bank to be part of this laudable programme. He entreated them to begin planning towards a healthy information system that will enable the bank to fully satisfy consumers' concerns. He congratulated the directors, shareholders and the Mepe community for their efficiency and advised them to computerize the bank's operations. Mr Gamey advised all salaried workers in the district to save with the bank to enable them to secure loans to undertake rural housing projects and other economic activities to improve their living standards.