Akyem Bosome Rural Bank holds AGM

BY: Samuel K. Obour

The Managing Director of ARB Apex Bank, Mr Kwadwo Aye Kusi, has called on rural banks to come up with innovative products, render quality service to customers and put measures in place to ensure that unscrupulous people do not defraud the banks.

He also urged them to strengthen internal control mechanisms and ensure that quality loans were granted.

“Loans should be well appraised, monitored and evaluated to avoid the high rate of defaults”, Mr Aye Kusi stressed.

The managing director made the call in an address read on his behalf by Mr Reuben Adamtey, Koforidua Branch Manager of Apex Bank, at the 24th annual general meeting of the Akyem Bosome Rural Bank at Akyem Swedru, last weekend.

He advised the beneficiaries of loans to ensure prompt payments to enable the banks to satisfy other prospective borrowers.

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Mr Aye Kusi commended the Akyem Bosome Rural Bank for preforming satisfactorily and attributed the success story to the hard work of the Board of Directors, coupled with the efficient management and very dedicated staff and the immense contribution of shareholders and other stakeholders.

He enjoined them not to rest on their oars but rather continue to contribute positively to the socio- economic development of the bank’s catchment area and the economy as a whole.

In his annual report, the Board Chairman of Akyem Bosome Rural Bank, Mr George Kumi Brobbey, announced that the bank declared a profit after tax of GH¢96,161 in 2012 as against GH¢53,579 in 2011, a jump of 79.5 per cent.

He said the banks total deposit liabilities increased from GH¢6,888,353 in 2011 to GH¢8,704,129 in 2012, while its total assets increased from GH¢8,208,600 to GHc 9,807,614 during the same period.

Mr Brobbey stated that the bank’s investment portfolio increased from GH¢3,006,939 to GH¢3,727,494 while total shareholders fund increased from GH¢581,417 to GH¢635,911

He attributed the achievements to prudent management of resources, both financial and human.

 Mr Brobbey said the board was working vigorously to restructure and reposition the bank to be more competitive and profitable by adopting measures to reduce waste and credit losses.

The Member of Parliament (MP) for Akyem Swedru, Mr Kennedy Osei Nyarko, commended the board, management and staff of the bank for their hard work which had made it one of the best financial institutions in the Eastern Region.

He purchased GHC 1,000 shares as his contribution to increase the bank’s finances.

By Samuel Kyei-Boateng/Daily Graphic/Ghana