Kwaebibirem Rural Bank holds 25th Annual General Meeting

Mr S.Y. Apeatu, Chairman of the Board of Directors of the Kwaebibirem Rural Bank, on Wednesday, said the bank performed creditably last year and made significant progress.

Addressing the 25th Annual General Meeting of the bank at Asuom, he said deposits rose from GH¢3,067,497.91 in 2008 to GH¢4,486,684.56 in 2009, an increase of GH¢1,419,186.67, accounting for 46.26 per cent growth.

The significant increase, Mr Apeatu said was a clear indication of customers’ confidence in the bank, adding that, the “Susu” operation also contributed to the high increase in the deposit.

The Chairman said the bank’s investment in treasury bills increased from GH¢680,795.13 in 2008 to GH¢1,301,291.24 in 2009, accounting for GH¢620,496.10 or 91.14 per cent rise.

The bank’s total assets rose from GH¢3,542,499.47 in 2008 to GH¢5,002,837.47 in 2009, representing an increase of GH¢1,460,338 or 41.22 per cent.

On loans and overdrafts, Mr Apeatu said advances rose from GH¢1,901,071.66 in 2008 to GH¢1,923,972.25 in 2009, representing an increase of GH¢22,900.59 or 1.20 per cent.

He however noted with concern that some of the beneficiaries of the loans defaulted and had “blatantly” failed to repay the facilities granted them, despite persistent demands and said legal action had therefore been instituted against the recalcitrant ones.

Mr Apeatu announced that the bank’s stated capital increased from GH¢152,109.32 in 2008 to GH¢157,384.32 in 2009 and that the bank’s share price was 10 pesewas per share, adding that, the register was still open.

He appealed to customers and shareholders to buy more shares to increase the capital base of the bank since the Bank of Ghana might increase the stated capital again.

The Board Chairman said the net project for the year under review after all expenses, amounted to GH¢65,876.35 as against GH¢101,444.06 last year, accounting for GH¢35,567.7 or 35.06 per cent fall.

He explained that the bank incurred substantial cost through its computerization efforts, with computers, air-conditioners and other ICT equipment being purchased and installed in most of its agencies.

The Chairman hinted that the newly opened agency at Asamankese had been equipped and furnished to meet modern standards at great cost.

He said in spite of the negative economic factors that confronted the bank, including the expenditure incurred on the computerization and ICT infrastructure, the bank was able to make a modest profit.

“It remained a profitable and financially sound bank with a solid and high quality asset base”, he said.

He announced plans to open a new agency at Akyem Oda soon.

On the bank’s corporate social responsibility, Mr Apeatu said it remained committed towards the communities in which it operated and towards the nation as a whole.

He said the bank contributed financially towards the Ghana National Trust Fund, National Farmers Day celebrations, National Immunization Programme, Basic Education sports and games and cultural festivals, Asuom Senior High School and cultural programmes by chiefs in the catchment’s area.

Mr Samuel Twumasi Ankrah, Manager, Efficiency Monitoring Unit of the ARB Apex Bank Limited, on behalf of the Managing Director, Mr Eric Osei-Bonsu, commended the bank for its performance.

He noted that the achievement was the result of the visionary and transformation leadership provided by the board and management, which had made the Bank to be rated as one of the satisfactory rural banks in the country and among the best in the Eastern Region.

Mr Ankrah said the bank was the 60th best rural bank out of 131 rural and community banks in the country and l0th out of the 22 in the Eastern Region.

Source: GNA