Business News of Wednesday, 1 August 2012

Source: GNA

Bosomtwe Rural bank makes giant strides

The Bosomtwe Rural Bank has declared a net profit of GH¢745,437.48 from its operations in the year 2011.

Mr. Philip Bondah, the Chairman of the Board of Directors said this represents a 19 percentage increase over the previous year’s figure of GH¢624,368.50.

During the same period, the bank’s total asset rose to GH¢21,446,986.28 from GH¢16,886,729.98.

He was addressing the 22nd annual general meeting of the shareholders at Kuntanase in the Bosomtwe District.

Mr. Bondah said loans granted stood at GH¢8,152,468.13 as compared to GH¢5,559,382.02 recorded in 2010.

He expressed discomfort with the bank’s non-performing assets which came to GH¢1,223,053.86, making up of 15 per cent of its loan/advance portfolio.

The Board Chairman urged the loan defaulters to do everything to repay to enable others to also benefit.

He gave the assurance that it would continue to live up to its social responsibilities in its operational area.

He said the bank supported the district education and health directorates, the assembly and some communities, including Obbu, Kokobriko, Toafom and Akokofe, to the tune of GH¢27,500.52.

Mr. Seth Ankrah, Ashanti Regional Manager of the ARB Apex, commended the bank for its strong performance and asked the board, management and workers to continue working hard and with more diligence.

He urged them to ensure best practices and transparency to safeguard the customers’ savings.

The bank recognized 12 of its hardworking employees who had served for between 10 and 15 years.**