Kwaebibirem Rural Bank records GH¢7.6m deposits in 2011

The Kwaebibirem Rural Bank recorded GH¢7,637,484.84 in savings, current account and fixed deposit in 2011 as against GH¢5,963,973.86 in 2010.

This was announced by Mr Andrews Oduro, Chairman of the Board of Directors, at the bank’s 27th Annual General Meeting at Asuom.

He said the bank was established 28 years ago to bring banking services to the door steps of Asuom and its surrounding communities.

Mr Oduro said the bank now competes with the Rural Banks in Ghana and it ranked 63 out of the 130 Rural Banks adding that “we are working tirelessly to improve upon our performance”.

In 2011, he said, total advances amounted to GH¢4,336,510.23 as compared to GH¢3,336,510.23 recorded in 2010.

He said it had been the cherished principle of the bank like any other financial institution to assist its customers in times of financial need so it becomes painful and hard to measure when defaulters fail to repay the loans and advances granted them.

He pleaded with all defaulters to pay up for others to enjoy similar facilities adding that the bank would be resorting to the painful alternative of falling on the courts to   retrieve depositors’ money since bad debts had been the number one killer of rural banks.

The chairman said total assets of the bank rose from GH¢7,636,251.75 in 2010 to GH¢9,517,839.68 in 2011, an increase of GH¢1,881,587.93 or 24.64 percent rise over the previous year.

Mr Oduro said the net profit after charging all expenses and tax amounted to GH¢53,120.76 in 2011 as against GH¢95,823.04 realized in 2010 representing 44.56 percent fall.

He explained that the dim in profit was as a result of the bank’s computerization efforts, purchase of computers, air conditioners and other ICT infrastructures.

Source: GNA