Mumuadu Rural Bank makes record profit in excess of GH¢1.5m

The Mumuadu Rural Bank has announced a net profit in excess of GH¢1.5 million on its operations, last year – the figure is the highest to be achieved in three decades.

Mr. Seth Adom Asomaning, the Board Chairman, said this represented a 25 per cent increase over that of 2014.

The bank’s total assets also rose from GH¢27.5 million to GH¢36 million during the period.

He was addressing the 20th annual general meeting of the shareholders in Osino.

Mr. Asomaning spoke of the strengthening of the bank’s micro-credit operation and said it had already disbursed GH¢1.4 million to individuals.

He underlined the resolve of the board to make sure that there were strong internal control measures to protect money deposited by the people.

He told the owners of the bank that three employees had been dismissed for fraud and the money stolen recovered.

He called for a reduction of the 25 per cent income tax paid by the rural and community banks and said it was way too high.

Mr. Kwaku Achampong of the ARB Apex Bank, reminded the bank to continue to put the customer at the centre of its operations to sustain their loyalty.

He said the Apex Bank was doing everything to develop automated teller machines (ATM) for use by all rural and community banks.

Source: GNA