Mumuadu Rural bank made a net profit of 667.5 million cedis.

Osino(E/R), Oct. 24, GNA - The Mumuadu Rural Bank in the Fanteakwa District in the Eastern Region had made a post-tax profit of 667.5 million cedis in its operations last year, as compared to 360,339 million cedis in 2002, an increase of 85 per cent.

The net income of the bank also rose to 3,817 billion cedis as against 2,459 billion cedis during the same period.

The Chairman of the Board of Directors of the bank, Mr Edward Antwi Obeng, who announced this at the 16th annual general meeting of the shareholders of the bank at Osino on Saturday said, the assets increased from 12.8 billion cedis to 19.4 billion cedis last year, while deposits rose from 9 billion cedis to 13.6 billion cedis last year.

He said the bank granted advances and loans amounting to 8 billion cedis last year as against 5.6 billion cedis to its 6,448 clients, while Akuafo Cheques purchased for cocoa amounted to 8.6 billion cedis. Mr Obeng announced that the bank had instituted court action against loan defaulters and appealed to the beneficiaries to repay them promptly to avoid prosecution.

He said the bank spent a total of 115 million cedis for the provision of community developments in its catchment area since 1993, adding that 25 million cedis was spent last year, as compared to 13 million cedis in 2002.

Mr Obeng disclosed that a former manager of the Kyebi Agency of the bank and a clerk had been dismissed for impropriety, while four other staff of the agency had their appointments terminated.

According to him, the operations of the Agency were being investigated after which appropriate legal action would be taken against those found to have misconducted themselves.

The Managing Director of the ARP Apex Bank Limited, Mr. Emmanuel K. Kwapong, in an address read on his behalf, commended the bank for been ranked by the Bank of Ghana as one of the satisfactory Rural Banks in the country.

He attributed the success of the bank to prudent funds management, good corporate governance and commitment on the part of the board and management, coupled with hard work by the staff. Mr Kwapong urged the bank to strengthen its internal control mechanisms to minimize the incidence of risks and ensure efficient operations to attain its objectives.

He announced plans for the computerisation of rural and community banks and said about 49 of the banks had been earmarked for implementation during the first year of the exercise. The Managing Director said plans had been completed to network all rural and community banks in the country to link them up with the Apex Bank in a Wider Area Network.

Mr Samuel Ofosu Ampofo, Member of Parliament for Fanteakwa, who praised the bank for its achievements, asked it to adopt new innovations which could generate more revenue and improve its operations. He suggested to the bank to collaborate with the District Assembly and the Ministry of Trade and President's Special Initiative to see how best the clay deposit found at Abompe could be commercialized for the benefit of the people in the area. Oct. 24, 04