Brakwa-Breman Rural Bank makes impressive profit
The Brakwa-Breman Rural Bank Limited at Breman Brakwa in the Central Region made a net profit before tax of GH¢103,284 in 2015 compared to a loss of GH¢145,252 in 2014.
Advertisement
The Chairman of the Board of Governors of the bank, Mr Anthony Effah, therefore, said the bank was hopeful the success story would continue in the ensuing years.
AGM
He was addressing the 31st Annual General Meeting (AGM) of the bank at Brakwa.
At the meeting, Mr Eric Owusu-Appiah, the Gomoa West District Scheme Manager of the National Insurance Scheme, and Nana Barima Fi III, the Kyidomhene of the Breman Traditional Area, were elected to the board to replace two members who had completed their three-year term.
Mr Effah said deposits from customers increased from GH¢4,467,773 in 2014 to GH¢6,762,745 in 2015, representing a 51 per cent growth and attributed the achievement to competitive rates that the bank was paying on its deposits.
According to him, total assets also increased from GH¢6,417,071 in 2014 to GH¢8,871,301 in 2015, representing a 38 per cent growth over last year’s performance, a situation he said the bank was hoping to improve upon in this year.
Mr Effah said total income less total interest expense stood at GH¢2,587,182 in 2015 as compared to GH¢1,780,745, representing 45 per cent increase on the previous figure.
He explained that total investments also grew by 70 per cent from GH¢1,028,127 in 2014 to GH¢1,750,000 in 2015, while loans and overdraft grew by 40 per cent from GH¢3,206,575 in 2014 to GH¢4,485,286 in 2015.
He added that the growth rate was as a result of the expansion in the Women in Development (WID) programme and noted that the WID programme had been expanded to Ajumako, Ahnwiam and Odoben.
He indicated that the share promotion launched in 2015 increased the bank’s stated capital to GH¢416,971 and expressed appreciation to the shareholders, especially the WID customers, for their understanding.
Mr Effah pointed out that the bank had still not been able to raise GH¢1,000,000 as required by the Bank of Ghana and, therefore, appealed to the shareholders to increase their shares so that by the end of 2017, the bank would have achieved the required target.
