Gomoa Rural Bank declares GH¢138,464 profit after tax in 2009

The Gomoa Rural Bank at Apam declared GH¢138,464 profit after tax in 2009 fiscal year as against GH¢47,303 in 2008.

The bank has recommended the payment of a dividend of GH¢0.0050 per share as against no dividend paid in 2008.

Mr Andrew B. Simpson, the Chairman of the Board of Directors, said this at the bank’s 29th Annual General Meeting at Apam.

He said short-term investments by the bank increased from GH¢998,305 in 2008 to GH¢999,419 in 2009 and advances granted to customers increased from GH¢104,158 in 2008 to GH¢154,855 in 2009.

Mr Simpson said due to the separation of Gomoa into Gomoa East and Gomoa West districts, customer deposits had decreased from GH¢1,170,504 in 2008 to GH¢864,607 in 2009.

Mr Duke Osam-Duodu, Deputy Managing Director, expressed concern about the bank’s poor performance in granting loans and advances.

He reminded the directors and management that banks existed to improve living conditions of people but not to generate income through investment.

He said the bank could only improve conditions of the people through granting of loans and advances.

Mr Osam-Duodu said loan delinquency had become a problem for the banks but cautioned them against using it to deny the people loans and advances.

Mr Kweku Acquaah, the President of Central Regional Chapter of the Association of Rural Banks, appealed to rural banks to take good care of their staff as some bigger banks had been wooing their employees.

Nana Edu Effrim X, Chief of Apam, urged directors to encourage young shareholders to understudy the ageing directors to ensure continuity when the elders leave the scene.

Source: GNA