fbpx

Dumpong Rural Bank triples profit

BY: Samuel K. Obour

The Dumpong Rural Bank in the Kwahu South District in the Eastern Region last year made a giant stride in its operations, registering a pre-tax profit of GH¢319,070.00 as against GHȻ91,645.00 recorded in 2011.

Such a significant hike in profit, according to the Chairman of the Board of Directors, Mr Emmanuel G.K. Bonna, was due to prudent measures instituted by the board and implemented by the management.

Speaking at the 18th annual general meeting of the bank at Asakraka, its headquarters, at the weekend, he said total assets also increased from GH¢4,356,078 in 2011 to GH¢6,504,665 in 2012, a 49 per cent rise, while investments in treasury bills doubled from GH¢800,000 to GH¢1,600,000 within the same period.

Mr Bonna indicated that the bank had moved from a negative capital adequacy position inherited over the years to a positive position and stated that share capital also went up from GH¢153,518 to GH¢161,865.

Ghana News Headlines

For latest news in Ghana, visit Graphic Online news headlines page Ghana news page

Within the same period, the bank’s deposits also went up by GH¢1,487,118, representing 38 per cent of that of the previous year.

He stated that the sharp rise in the fortunes of the bank, which previously was on the verge of liquidation, made it possible to give out loans amounting to GH¢3,005,401 last year as against GH¢2,085,065 in 2011.

Mr Bonna gave the breakdown of the loans as transport sector GH¢253,848, agriculture GH¢12,001, commerce GH¢1,054,875, managed funds GH¢378,958 and miscellaneous GH¢1,286,742.

The board chairman stated that the prime objective of the bank was to make money available for customers to set up micro businesses to improve their lot.

To improve the image of the bank, Mr Bonna indicated that its Nkawkaw branch building was being rehabilitated and that 90 per cent of the construction work had been completed, while an additional plot to put up a permanent structure at Asakraka had been purchased.

He expressed his appreciation to colleague board members, management, staff, shareholders and customers for their support that had made it possible for the bank’s progress.

The head of the Credit Unit of the ARB Apex Bank, Mr Enoch Richard Arkaifie, who represented the managing director, Mr Kwadwo A. Kusi, congratulated the board, management and staff of the Dumpong Rural Bank on its impressive showing which he stated had resulted in an overall growth of 187 per cent.

Story: A. Kofoya-Tetteh