Bosomtwe Rural Bank posts good performance

BY: Daily Graphic
Philip Bondah, Board Chairman, addressing shareholders at the meeting

The Bosomtwe Rural Bank Limited at Kuntanase in the Bosomtwe District of the Ashanti Region has posted an impressive operational performance in all the financial indicators in the 2015 year under review.

Operational Performance

The bank posted a profit after tax of GH¢1.36million for the year 2015, compared to a little over GH¢784,000 for 2014, a significant increase of GH¢583,417.64 representing 74 per cent improvement on the previous year's performance. 

The bank’s deposit went up by 28.86 per cent from about GH¢ 28 million in 2014 to GH¢35.8 in 2015. This came as a result of continued support of the bank’s customers and the hard work of the staff towards deposits mobilisation and inculcating the culture of savings in the people.  

The Bank’s Loans and Advances Portfolio also increased by 8.34 per cent  from GH¢12.7million in 2014 to GH¢ 13.8million in 2015.This is attributable to  speedy processing and disbursement of term loans which had in the past contributed significantly to the bank’s loan growth. 

The Chairman of the Board of Directors, Mr Philip Bondah, announced this at the 26th Annual General Meeting of shareholders held at the forecourt of the bank at Kuntanase.

Operating Environment

The Directors have recommended dividend payment of GH¢0.030 per share for the year under review as compared to GH¢ 0.021 in 2014. This represents a payment of GH¢363,681.00 as dividend for 2015. 

Future Outlook

The General Manager, Mr Francis Agyei Bekoe, told the Daily Graphic in an interview that the bank’s business focus in 2016 is on driving growth, innovations, efficiency and service as the main pillars in achieving profitability and market leadership in 2016. 

“We will push for more market penetration as we develop new markets and build stronger, improved and trusted relationships with our clients. As always, with prudent management of resources and hard work of our employees, 2016 will be another remarkable year,” he said.