Juaben Rural Bank holds Annual General Meeting
The Board Chairman of the Juaben Rural Bank Limited, Mr Kwabena Asante Krobea, has rued the effect of the energy crisis, the unstable economy and the high cost of doing business, which he said had taken a toll on businesses in the country.
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He said these factors had negatively affected the fortunes of the bank which saw over 17 per cent dip in its profits in the previous year.
AGM
At the 31st Annual General Meeting (AGM) of the bank at Juaben recently, Mr Krobea observed that although the bank made some profit last year, the margin was lower than what the bank made in 2014.
He attributed the decline in profit margins to the economic hardships which, he said, were affecting households and businesses.
In the year under review, he said, the bank made a profit after tax of GH¢1,843,230 as against GH¢2,225,050 for the same period in 2014.
Positive outlook
That notwithstanding, he said management of the bank had put in place pragmatic measures to halt the downward trend in profits.
Already, he said records as of the end of the third quarter showed that the bank had recorded a profit before tax of GH¢2,710,000 more than what the bank made for the whole of 2015.
Mr Krobea said he was positive that the bank’s performance for 2016 would be much better than the year under review.
Dividends
In spite of the decline in fortunes, the bank declared a dividend of GH¢0.05 per share. In all, a total of GH¢546,571.00 would be used to pay dividends to shareholders of the bank.
Awards
Mr Krobea said the performance of the bank kept attracting the attention of players in the industry, leading to the bank grabbing two awards in the year under review.
He said Juaben Rural Bank picked the Gold Award as the Best Rural Bank at the 13th Ashanti Financial Services Excellence Awards and Silver Award in Best Rural Bank in the rural loan disbursement category.
Office complex
As part of activities marking its 31st AGM, the bank inaugurated its new head office building at Juaben.
The Omanhene of Juaben Traditional Area, Nana Otuo Siriboe II, who inaugurated the building, praised the management for putting up an edifice befitting the status of the bank.
He urged the management to be diligent in the running of the company to ensure that the shareholders enjoyed the fruits of their investments.
Nana Siriboe further urged the bank to continue to invest in Corporate Social Responsibility (CSR) in their catchment areas for the benefit of the people.
