GRi BEF News Ghana 02 - 10 - 2000
Bank records fall in profit
Gomoa Nyanyano (Central Region) 2
October 2000
The profit margin of the Eastern
Gomoa Assin Rural Bank at Gomoa Dominase in the Central Region fell from 16.02
million cedis last year to 6.15 million cedis this year.
Mr. Emmanuel Okyere Essel, Chairman
of the Board of Directors, who disclosed this at the bank's 16th Annual General
Meeting (AGM) at Gomoa Nyanyano on Saturday, attributed the fall to the
reduction in the rate of interest on treasury bills.
He explained that in 1998, for
example, while the interest rate was around 40 per cent, it came down to
between 20 per cent and 30 per cent last year.
Mr. Essel, however, noted with
satisfaction the bank's strides in savings mobilisation, which increased from
238 million cedis in 1998 to 356 million cedis last year, representing a rise
of 49.3 per cent.
The increase in deposits enabled
the bank, with agencies at Fetteh, Nyanyano and Ekwamkrom, to bring its
investment from 227 million cedis in 1998 to 337 million cedis last year.
Mr. Essel said that, last year, the
bank granted loans and advances totalling 68.2 million cedis to its customers
but expressed regret that the mode of repayment, especially among non-salaried
workers, was not encouraging.
He was, however, satisfied with the
patronage of the bank by its customers following the introduction of a 'Susu'
saving scheme, and urged its shareholders to continue to do business with it.
Mr. Mobashir Ibrahim, Manager,
appealed to well-to-do citizens of the area who are not shareholders of the
bank to patronise it by buying shares.
Nana Obeng Wiabo V, Chief of
Nyanyano, urged the bank to reward its trustworthy customers and shareholders
to sustain their interest in it.
Eleven customers who have over the
years rendered dedicated and meritorious services to the bank were presented
with certificates.
GRi…/