Union Rural Bank makes GH¢190,000 profit before tax

The Union Rural Bank Limited at Senya Bereku made a profit of GH¢190,309 before taxation in 2010 as against GH¢97,590 in 2009, representing 95 per cent profit climb.

The chairman of the Board of Directors of the bank, Colonel Retied Abaka K. Jackson, said this in a report read by the first vice chairman, Rev. D.C. O.P. Neenyi David Ampah Bennin at the bank’s 9th Annual General Meeting (AGM) at Senya Bereku on Saturday.

He said the bank’s total deposits also increased from GH¢3,424,562 in 2009 to GH¢3,877,531 in 2010 while loans and advances granted customers increased from GH¢3,057,600 in 2009 to GH¢3,543,502 in
2010.

Col Jackson said the bank’s total liabilities and Shareholder’ Fund also grew up to GH¢9,161,963.00 in 2010 against GH¢5,008,584.00 in
2009.

The Chairman in this regard appealed to the shareholders to increase their shares by at least 20 per cent to enable the bank meet certain requirements of share capital of Rural Communities Banks expected by the Bank of Ghana.

In an addressed read by Mr Samuel Twumasi Ankrah on behalf of Mr Eric Osei-Bonsu, Managing Director of the ARB APEX Bank Limited, he commended the Union bank for its performance in the year under review.

According to him, there is more room for improvement in areas of commission and fee-based income, other operational income in relation to product development and the recovery of clients’ overdue loans to diversify the bank’s income streams.

Mr Osei-Bonsu said following the impressive performance, “the bank has been rated as one of the satisfactory banks out of 134 RCBs in the country and eighth in the Central Region.

He appealed to the bank implement pragmatic and realistic programmes and policies such as development of Microfinance Busies, Risk Management and Internal Controls, Staff Training and Product Development to further improve its performance.

Source: GNA