Atwima-Kwanwoma Bank makes profit after tax of GH¢703,312.13

The Atwima-Kwanwoma Rural Bank made a profit after tax of GH¢702,312.13 on its operations last year compared with GH¢645,658.41 the previous year, Mr Patrick Owusu, the Acting Board Chairman of the bank has announced.

Total assets saw a significant rise from GH¢26,517,019.00 in 2009 to GH¢33,849,733.35 during the period, representing a 27.65 per cent growth.

At the same time, deposits grew to GH¢29,113,942.90 from GH¢22,140,459.00 to, showing 31.50 per cent increase.

Mr Owusu, who was speaking at the bank’s 28th annual general meeting at Pakyi Number-2 in the Amansie West District, said shareholders’ fund also went up from GH¢2,896,054.00 to GH¢3,259,013.99.

The bank’s stated capital now stands at GH¢368,699.11.

Mr Owusu said they gave loans totaling GH¢7,770,381.49 to support businesses.

The Deputy Managing Director of the ARP Apex Bank, Mr Duke Osam-Duodu said it would partner the Rural and Community Banks (RCBs) to create awareness about Treasury Bills and the Bond Market in the rural areas.

He urged RCBs to consider cooperative mergers to raise more capital to expand their operations and to increase their turnovers.

“A merged RCB can continue to provide better financial services in a wider catchment area than a stand-alone RCB which is finally liquidated as a result of its failure to raise the required minimum capital.” he added.

Source: GNA