Nsoatreman Rural Bank exceeds Bank of Ghana capital requirement
The Nsoatreman Rural Bank in Sunyani West Municipality of the Bono Region has exceeded the Bank of Ghana’s (BoG’s) capital requirement for Rural and Community Banks (RCBs) pegged at GH¢1,000,000.00 in 2018.
The financial institution has, therefore, assured its customers and shareholders that the “Bank is safe from mergers and acquisitions.”
Speaking at the 30th Annual General Meeting of the Bank last Saturday at Nsoatre in the Municipality, Mr Kofi Agyemang, and the Board Chairman said the Bank’s stated capital stood at GH¢1,265,681.10.
He appreciated the loyalty of customers and contributions of shareholders, and urged them not to be complacent, but rather acquire more shares to make the bank not only stronger, but also position it to meet any future capital requirement increment.
The Bank‘s total deposit increased from GH¢18,422,823.71 in 2017 to GH¢19,727,697.45 in 2018, an increase of 7.08 per cent over the previous year.
“This is no mean achievement in view of the heightened competition in the banking industry and management,” Mr Agyemang said.
He commended the staff for their deposit mobilisation strategies saying; without that the amount could not be mobilised to help the bank from growing from strength to strength.
He also reported that the bank’s total assets was GH¢23,186,391.36 in 2018 as against GH¢21,583,119.86 in 2017, an increase of 7.43 per cent.
It total loan portfolio was quoted as GH¢7,453,678.77 in the year under review, but it was GH¢6,558, 615.56 in 2017, showing a percentage increase of 13.64 per cent.
The bank made a profit before tax of GH¢399, 903.10, showing an increase from negative 2.4 per cent in 2017 to 30.18, which Mr Agyemang noted it was highly commendable.
Its investment portfolio was GH¢9,072,142.76 as compared to GH¢7,803,352.08 in 2017, implying a 16.26 per cent surge.
Mr Agyemang said in an effort to assist farmers, who constituted the majority of its customers, the Bank in collaboration with ARB Apex Bank and Ghana Commodity Exchange, rolled a product, which made it possible for cereal farmers to obtain loans, holding their produce as security.
A farmer only needs to deposit his/her produce at a warehouse and use the warehouse receipt in sourcing a loan facility from Nsoatreman Rural Bank.
“It may interest you to hear that the first farmer to benefit from this innovative product in the entire country was given the facility by your Bank, Nsoatreman” he said.
He expressed gratitude to management of ARB Apex Bank for their role played in linking Nsoatreman to the Exchange.
Source: GNA