Dumpong Rural Bank makes modest gains

Management of Dumpong Rural Bank increased its deposits from 760,000 Ghana cedis in 2006 to 1,059,000 Ghana cedis last year representing an increase of 40 per cent.

The bank made a net profit of 10,094 Ghana cedis in 2007 as against a loss of 67,440 Ghana Cedis in 2006 while its total assets increased from 105,509 Ghana cedis in 2006 to 146,626 Ghana cedis last year, an increase of 39 per cent.

Mr Anthony Osafo Antwi, Chairman of Board of Directors of the bank, announced this at its 13th Annual General meeting at Asakraka in Kwahu South District.

He said it granted loans and overdrafts totalling 400,385 Ghana cedis to its customers last year and mobilised a share capital of 32,466 Ghana cedis during the same period.

Mr Antwi said the bank entered into business partnership with a leasing company, which assisted it to acquire some commercial vehicles to its costumers.

He advised the shareholders to increase their shares to enable the bank increase its share capital to 150,000 Ghana cedis, being required by Bank of Ghana.

Mr Antwi said such an increase would enable the bank pay dividends to shareholders and establish more agencies to serve rural dwellers.

He commended the staff, management and members of the board for their hard work that had improved the image of the bank and urged them to work harder to face challenges ahead.

Source: GNA