Bawjiase Area Rural Bank declares profits

The Awutu Bawjiase Area Rural Bank made a net profit of GH¢986,044 in 2012 as against GH¢727,772 in 2011, representing 35 percent increase.

Mr Emmanuel Osei, Chairman of the Board of Directors of the Bank, announced this at 23rd Annual General Meeting at Awutu Bawjiase in the Central Region.

He said the bank’s total deposits grew by 35 percent from GH¢7,814,877 in 2011 to GH¢10,586,293 in 2012.

Mr Osei said the bank’s stated capital improved from GH¢109.875 million in 2011 to GH¢1,352,800 million in the year under review.

He said investment in loans and advances grew from GH¢5,112,955 in 2011 to GH¢6,325,496 in 2012.

Mr Osei said the assets of the bank increased from GH¢11,097,435 million in 2011 to GH¢14, 736.992 million in 2012.

He appealed to the shareholders to purchase more shares to enable the bank to build a strong capital base.

Mr Osei said the Board of Directors recommended the payment of the dividend of 0.0199 Ghana cedis per share amounted to GH¢160,000 to shareholders.

Mr Kwadwo Aye Kusi, Managing Director of ARB Apex Bank, applauded the Bawjiase Area Rural Bank for its decision to set aside two percent of the profits to cater for the brilliant but needy pupils and students in the catchment area.

He praised the bank for deepening its microfinance operations to support clients to improve their businesses.

He urged Rural and Community banks to consider merging to take advantage of the synergies of mergers.

Mr Kusi said the Apex Bank had developed products known as “branchless banking” to transact business with customers through their mobile phones.

Some of transactions will include transfers of money, checking of balances and others through short messaging system (SMS), he said.

Mr Acquah-Arhin, President of the Central Chapter of Association of Rural Banks, announced that three rural banks in the region had already completed their merging process.

Source: GNA