Juansa (Ashanti Region) 28 August 2000
The Asante-Akyem Rural Bank in Ashanti made a net profit of 116.5 million cedis out of a gross profit of 127.6 million cedis last year as against 70.6 million cedis in 1998.
Mr. Francis Opuni-Sekyere, Chairman of the Board of Directors of the bank, who announced this at the 13th Annual General Meeting of shareholders at Juansa last Friday, said the targeted profit for the year under review was 120 million cedis.
The bank's assets rose from 1.6 billion cedis to 2.1 billion cedis while its total deposit went up from the 1998 level of 1.2 billion cedis to 1.7 billion cedis.
Investments of the bank shot up to 734 million cedis from the 1989 figure of 517 million cedis while its cocoa purchases went up from 4.3 billion cedis in 1998 to 5.5 billion cedis.
Mr. Opuni-Sekyere said loans and overdrafts granted by the bank amounted to 562 million cedis in the year under review as against 360 million cedis in 1998.
He gave the breakdown as follows: agriculture, 78.3 million cedis; trading, 145.3 million cedis; transport, 36 million cedis; cottage industries, 12.8 million cedis; and miscellaneous, 289.6 million cedis.
Mr. Opuni-Sekyere said the share capital of the bank rose from 30.2 million cedis in 1998 to 41.5 million cedis in 1999, adding that the position was not the best and called for the purchase of more shares.
He announced that certificates for the bonus share of 6.7 million cedis declared by the bank last year were ready and could be collected by customers at the end of the month.
He said the Board of Directors had proposed a dividend of 22 million cedis in the year under review and was awaiting approval from shareholders.
Mr. Asiedu Mante, Head of Banking Supervision Department of the Bank of Ghana (BOG), called for patronage from the shareholders, which involves regular savings and prompt payment of loans granted them.
He stressed the need for management and directors to meet regularly to discuss issues affecting the bank and for officials of the bank to render excellent service and proper accounts.
Mr. Samuel Kweku Jessie Ghartey, Ashanti Regional Manager of the BOG, called for regular supervision and control of agencies by management and directors to curb fraud.
He observed that there were no legal titles attached to the security of loans granted to people by rural banks and, therefore, called for the immediate rectification of this anomaly to ensure effective recovery of loans.
Mr. Kwame Dapaa-Siakwan, a representative of the Association of Rural Banks in Ashanti and Board Chairman of the Sekyere Rural Bank, called for cordial relations and excellent banking practices between management and bank officials.
Mr. Solomon Gyekye, Supervising Manager of the bank, and Mr. Adu Poku, Board Secretary, said the bank thrives on deposits and therefore asked people in the bank's catchment area to identify themselves and save with it.
GRi.../