Kumawuman Rural Bank makes over GH¢222,000 profit
Kumawuman Rural Bank, last year made a pre-tax profit of GH¢ 222,535 on its operations, representing an increase of 31 per cent over the previous year’s figure of GH¢ 170,070.
At the same time, its share capital holding, rose from GH¢ 259,283 to GH¢ 310,251. The net worth also went up to GH¢ 862,187 from GH¢ 683,112.
Dr Kwabena Duffour, Chairman of the Board of Directors, announced this in an address read for him at the 17th Annual General Meeting (AGM) of the bank, held at Kumawu, in the Sekyere-Afram Plains district, on Thursday.
He said total Akuafo cheques bought during the period under review came to GH¢ 29,126.
As part of its social responsibility, the bank spent GH¢ 11,346 on scholarship awards to 41 students in Senior High Schools and tertiary institutions.
Dr Duffour said given the impressive performance of the bank, they have set aside GH¢ 61,799 for dividend payment to the shareholders.
This works out to GH¢ 0.025 per share.
Mr Eric Osei-Bonsu, Managing Director of the ARB Apex Bank, urged the shareholders to firmly protect the gains and make every effort to achieve more in the years ahead.
He described the performance of most rural and community banks as “very encouraging” and said this has brought about growing public confidence in the rural banking system.
Mr Osei-Bonsu, however, reminded them that, a lot more needs to be done, by way of improved credit management policies, and said new strategies have to be put in place, so that they could recover loans and overdraft to customers.
He called on the banks to adopt effective internal control systems, good customer care and recruit efficient staff.
Mr Kwame Dapaah-Siakwan, President of the Ashanti Chapter of the Association of Rural Banks, encouraged cocoa farmers in the area to insist on being paid with the Akuafo cheque for cocoa sold to the buying companies.
Mr Jacob Dankwa, the District Chief Executive, said government appreciates the role of rural banks in efforts at reducing rural poverty.
Source: GNA