Mumuadu Rural Bank doubles profit
Arku Jasmine
Business News
Mumuadu Rural Bank, with its headquarters at Osino in the Eastern Region, last year recorded an after-tax profit of GH¢1,146,040, as against GH¢681,164 made in 2011, an increase of 95.47per cent.
Deposits also rose from GH¢13,685,229.70 to GH¢17,785,105.35 (29.95 per cent) while investments rose from GH¢3,536,092.65 to GH¢3,709,715.06 within the same period.
Such gains, especially profit, according to the chairman of the Board of Directors of the bank, Mr Seth Adom-Asomaning, made it possible to increase loans and advances from GH¢9,843,500 to GH¢14,270,526 in the year under review.
Addressing shareholders at Osino last Saturday, Mr Adom-Asomaning said the bank’s capital adequacy ratio, which had now reached 19.28 per cent, was well above the regulatory minimum threshold of 10 per cent.
According to him, capital adequacy ratio had strongly positioned the bank to stand on its own and avoid a merger with other rural banks. That, he indicated, would make more funds available to be given out as loans to customers and shareholders to improve their lot.
With regard to honouring its social responsibility, Mr Adom Asomaning was happy that a lot had been done, especially in the areas of education and health, out of which the bank, he indicated, was spreading its tentacles to other communities with the opening of a new branch at New Abirem, and thanked the board members, management, staff and shareholders for their support.
Mr Kwadwo Aye Kusi, Managing Director of the ARB Apex Bank, whose speech was delivered by the Head of Information and Communications Technology Department, was happy that the Mumuadu Rural Bank had helped to develop communities in its catchment area.
Mr Kusi who dwelt on various aspects of rural banking, praised Mumuadu Bank for its credible performance.
By A Kofoya –Tetteh/Daily Graphic/Ghana
Deposits also rose from GH¢13,685,229.70 to GH¢17,785,105.35 (29.95 per cent) while investments rose from GH¢3,536,092.65 to GH¢3,709,715.06 within the same period.
Such gains, especially profit, according to the chairman of the Board of Directors of the bank, Mr Seth Adom-Asomaning, made it possible to increase loans and advances from GH¢9,843,500 to GH¢14,270,526 in the year under review.
Addressing shareholders at Osino last Saturday, Mr Adom-Asomaning said the bank’s capital adequacy ratio, which had now reached 19.28 per cent, was well above the regulatory minimum threshold of 10 per cent.
According to him, capital adequacy ratio had strongly positioned the bank to stand on its own and avoid a merger with other rural banks. That, he indicated, would make more funds available to be given out as loans to customers and shareholders to improve their lot.
With regard to honouring its social responsibility, Mr Adom Asomaning was happy that a lot had been done, especially in the areas of education and health, out of which the bank, he indicated, was spreading its tentacles to other communities with the opening of a new branch at New Abirem, and thanked the board members, management, staff and shareholders for their support.
Mr Kwadwo Aye Kusi, Managing Director of the ARB Apex Bank, whose speech was delivered by the Head of Information and Communications Technology Department, was happy that the Mumuadu Rural Bank had helped to develop communities in its catchment area.
Mr Kusi who dwelt on various aspects of rural banking, praised Mumuadu Bank for its credible performance.
By A Kofoya –Tetteh/Daily Graphic/Ghana