Nsoatreman Rural Bank makes GH¢126,893 profit in 2011

Nsoatreman Rural Bank in Sunyani West District of Brong-Ahafo, has recorded a net profit of GH¢126,893.33 in 2011 as against GH¢101,632.00 the previous year, an increase of 24.85 per cent.

At the close of 2011 fiscal year, total deposits of the bank stood at GH¢4,882,758.52 as compared to GH¢4,037,517.36 in 2010.

Mr. Kofi Agyemang, Chairman of the Board of Directors, who disclosed these at the bank’s 23rd annual general meeting at Nsoatre at the weekend, said the banks’ investments increased from GH¢1,051,000.00 in 2010 to GH¢1,418,000.00 in 2011, and had total assets of GH¢6,248,181.64, under the fiscal year.

He said the bank has been granted permission to pay dividends to qualified shareholders for meeting the current share capital requirement.

Mr. Agyemang said in 2010, GH¢19,886.42, representing 20 percent of the bank’s profit was voted for the payment of share dividends at the current dividend-per-share rate of GH¢0.02.

He said in 2011, a total dividend of GH¢11, 125.67 had been declared, 10 percent of the total profit after tax at the rate of GH¢0.025.

Mr. Agyemang appealed to customers and shareholders to increase their shares, to strengthen the bank’s share position and to avoid uncertainties.

He said competition in the banking industry was become keen “any serious-minded bank in the country that belittles the effect of competition may be preparing to edge itself out”.

Mr. Agyemang commended  customers who had repaid their loans, but cautioned defaulters to repay “to avoid our adoption of all possible means for recovery”.

He said the bank had not abandoned its  scholarship scheme for loyal customers’ children in Senior High Schools.

Mr. Daniel Hinneh, Vice Chairman of the Board, has appealed to the public to do business with the bank’s branches in Techiman, Sunyani, Jinijini, Chiraa and Yamfo, to enable them easily access loan.

Source: GNA