Abokobi Rural Bank holds seventh general annual meeting

Abokobi (Greater Accra) 16 Aug. '99

Abokobi Rural Bank recorded a net profit of 30.2 million cedis last year, as compared to a loss of 42 million cedis in 1997, Mr. R. A. Boi-Doku, chairman of the board of directors said on Saturday.

He said the achievement was the result of the good mechanisms put in place by the bank and its board to ensure that all loans issued were retrieved.

Speaking at the bank's seventh general annual meeting of shareholders at Abokobi, near Accra, he said the 1998 profit would not be used as dividend but rather be transferred to the Income Surplus Account.

This will help to reduce the loss of 67,149,318 million cedis incurred over the years, he said.

Mr. Boi-Doku said the bank's total bad debts, which was 180 million cedis in 1995 had been reduced to about 120 million cedis as at December 31, 1998.

He also announced that the total short-term facilities granted by the bank in 1998 amounted to 460,565,000 million cedis and were all in the area of Agriculture, transport, trading, cottage industry and loans to salaried workers.

Mr. Boi-Doku said the bank's capital base had been eroded due to poor credit recovery and appealed to shareholders to purchase more shares to increase the bank's fortunes.

He said because of the recent reports on armed robberies at rural banks, the bank has taken a number of security measures to protect the its properties.

GRi../