GRi BEF News Ghana 07 - 11 - 2000
Drobo bank makes 10 million cedis profit
Accra (Greater Accra) 07 November 2000
Trading activities on the Ghana Stock Exchange picked up on
Monday as the market index gained 0.37 points to open the week at 853.54
points. However, trading remained offer-driven.
The All-Share Index registered successive losses during all
three trading sessions that saw the market's benchmark losing a total of 11.46
points last week. It closed the week at 853.17.
Brokers have predicted that a little interest from investors
in the bourse could push prices up to lift the All-Share Index.
Market volumes opened the week on a positive note but offers
continued to dominate activities. Total offers climbed up to 1.3 million from
last week's close of 425,450.
Volume of shares traded more than tripled to 27,700 compared
to 7,800 that exchanged hands on Friday.
Bids went up to 101,600 from 71,400 and market
capitalisation increased by a small margin from 3,625.31 billion cedis to
3,625.99 billion cedis.
In the broader market, there were two price changes - all
gains.
Enterprise Insurance Company (EIC) gained 35 cedis to finish
trading at 2,400 cedis and CFAO Company made nine cedis at 50 cedis.
Nine equities registered negative pressures against three
positive pressures. There were no pressures on six equities with two equities,
Camelot and Super Paper Products Company, registering no quotation.
The following are the last prices of listed equities in
cedis:
ABL 630
AGC 18,600
ALW 4,200
BAT 400
CFAO 50 +9
EIC 2,400 +35
FML 1,100
GBL 1,350
GCB 1,600
GGL 710
HFC 952
MGL 200
MLC 149
MOGL 18,600
PAF 270
PBC 503
PZ 450
SCB 21,500
SPPC 250
SSB 2,200
UNIL 1,500
CMLT 425
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Drobo bank makes 10 million cedis profit
Drobo (Brong Ahafo) 07 November 2000
The Drobo Community Bank Limited (DBEL) made a net profit of
10 million cedis in its second year of operation.
Mr Emmanuel Asiedu Mante, Director, Banking Supervision
Department of Bank of Ghana announced this at DBEL's maiden annual general
meeting at Drobo in the Brong Ahafo region at the weekend.
He commended the board, management and shareholders for the
bank's achievement, saying its performance indications showed an upward trend.
As a young bank, he said there is the need to improve credit
administration to effectively recover loans on time.
Mr Mante exhorted the board and management to try and beef
up the bank's capital base to at least 100 million cedis, ''because, the total
equity capital of 32 million cedis at present is not enough''.
Mr Noworza Tetteh, Financial Manager of the Association of
Rural Banks, appealed to loan defaulters of the bank to pay back to enable the
bank's portfolio of earning assets to yield more for its benefit.
He urged the management to develop new savings products to
attract a higher patronage by depositors.
Mr Timothy Kwabena Obeng, chairman of the board of directors
announced that the bank's investments in treasury bills had increased from
64,740 million cedis in 1997 as a rural bank to 147,200 million cedis in 1999.
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