Brakwa-Breman Rural bank makes profit

The Brakwa-Breman Rural Bank in the Asikuma-Odoben-Brakwa District of the Central Region made a profit after tax of Gh¢35,881.00 in 2009 as against Gh¢10,547.00 in 2008.

The bank’s total deposits also improved from Gh¢1,413,367 in 2008 to Gh¢1,774,622.00 in 2009.

The chairman of the Board of Directors of the Bank, Cdr. Charles K. Addae (Rtd), made this known at the 25th Annual General Meeting of the bank at Brakwa on Saturday.

Cdr. Addae said the bank’s total assets grew from Gh¢2,015,590 in 2008 to Gh¢2,502,643 in 2009 while shareholders’ fund also moved from Gh¢320,041 in 2008 to Gh¢352,116 in 2009.

He said the bank granted total loans of Gh¢987,265  in 2009 as against Gh¢837,798 in 2008, adding that its stated capital also improved from Gh¢73,601 in 2008 to Gh¢156,752 in 2009.

The chairman said the bank purchased Akuafo Cheque totaling Gh¢578,378.40 in 2009 as against Gh¢460,323.96 in 2008, an increase of 25.64 percent.

Mr Eric Osei-Bonsu, Managing Director of the ARB APEX Bank, in an address read by Mr Newton S. Mati, Manager, Risk Management and Business Development Unit, appealed to Rural and Community Banks (RCBs) with weak capital and financial background to merge and form cooperatives.

He said this would enable them to build a stronger capital base for smooth operation of their banks and therefore commended the Brakwa-Breman Rural Bank for its effort to merge with the Agona Rural Bank.

Mr Osei-Bonsu said a consultant has been appointed to commence the merger process and everything was on course.

He said it was their hope that next year, they would have a bigger bank with immense resources and better positioned to withstand the immense competition in the banking sector.

Source: GNA