Kwahu Prasu Bank makes after-tax profit
The Kwahu Prasu Rural Bank last year recorded an after-tax profit of GH¢158,759.57, as against GH¢42,230.84 in 2011, an increase of 275.93 per cent.
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That was the first time the bank had made such a significant gain since its establishment in 1982.
The Chairman of the Board of Directors of the bank, Mr Eric Kwakye Darfour, made this known at the 18th annual general meeting of shareholders at its headquarters at Kwahu Prasu over the weekend.
He told the shareholders that the total deposit of the bank rose from GH¢2,487,384 to GH¢2,970,144, while investments in treasury bills also grew from GH¢1,050,000 to GH¢1,452,000 within the same period.
According to Mr Darfour, the bank, which experienced hiccups in its formative years, was now standing on its feet, with its share capital increasing from GH¢150,000 to GH¢300,000 as required by the Bank of Ghana.
Loans and advances
Such significant gains, he stated, made it possible for the bank to increase loans and advances from GH¢1,159.600 to GH¢1,636,000.
The breakdown was as follows; agriculture (food crops and cocoa maintenance), GH¢287,150.00; trading, GH¢532,150; trading (food marketing), GH¢76,550; transport, GH¢191,600, and education, GH¢164.750.
The rest are building repairs, GH¢230.700; government projects, GH¢55,000; others, GH¢56,700, and funerals, GH¢42,000.
Mr Darfour stated that since the loans and advances were helping to eradicate poverty in the area, the bank would continue to offer those facilities but appealed to beneficiaries to repay on time to make it possible for others to also enjoy the facilities.
Social responsibility
With regard to social responsibility, the bank had, over the years, been presenting farming inputs to support the Kwahu West Municipal and the Kwahu South and Kwahu East District assemblies to organise Farmers Day celebrations.
He expressed his appreciation to the Millennium Challenge Authority which helped to fully computerise the bank.
The Obohene, Nana Yeboah Afari Obuagyan, appealed to shareholders to increase their holdings to further strengthen the bank.