Nsoatreman Rural Bank records profits
The Nsoatreman Rural Bank, with its headquarters at Nsoatre in the Sunyani West District of the Brong Ahafo Region, recorded a profit before tax of GH¢206,718.50 in 2012, as against the previous year's record of GH¢127, 593.33, representing an increase of 62.01 per cent.
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Despite an increase in profit for the year under review, the board of directors of the bank has decided to cut down on expenditure and re-strategise in the coming years for more income and higher returns.
Payment of dividend
The board also voted GH¢59,958.36 for the payment of a dividend of GH¢0.017 per share to shareholders for the year under review.
The Chairman of the board of directors of the bank, Mr Kofi Agyeman, announced that at the 24th annual general meeting (AGM) at Nsoatre over the weekend.
Mr Agyeman said the bank’s total deposit increased from GH¢4, 882,758.52 in 2011 to GH¢6,321,720.48, representing an increase of 29.47 per cent, while the bank's stated capital also increased from GH¢231,503.60 to GH¢267.112.80, an increase of 15.38 per cent, as against the previous year.
He appealed to the shareholders of the bank to ratify the transfer of an amount of GH¢20,000 to boost the bank's stated capital position.
Mr Agyeman stated further that the bank’s total assets also recorded an increase of 26.09 per cent, as against the previous year’s record of GH¢6,210,078.61 which grew to GH¢7,830.407.40.
Investment and loan
He disclosed that the bank's investments also grew from GH¢1,418,000 in 2011 to GH¢1,988,000 in 2012, representing an increase of 40.20 per cent.
He said the bank also granted loans and other advances to the tune of GH¢2,724,724.07, as against GH¢2,113,041.07 in 2011, representing an increase of 28.94 per cent to support the businesses and other income-generating activities of customers, and urged beneficiaries to repay the facilities granted them to enable others to benefit.
Mr Agyeman said as part of the bank's social responsibility in its catchment areas, it was currently sponsoring the education of four senior high school students from Nsoatre, Jinijini, Chiraa and Yamfo .
He disclosed that the board had proposed that any shareholder who would wish to become a board member should at least own shares worth GH¢5,000 before the person could contest for election, and, therefore, pleaded with all shareholders to increase their shares for improvement in their financial status.
The Managing Director of the ARB Apex Bank Limited, Mr Kwadwo Aye Kusi, in an address read on his behalf by Mr Mark Odoi Adjei, the manager of the Sunyani branch, commended the bank for its impressive performance over the years.
He urged the bank to improve upon it by implementing more schemes to mobilise deposits and shares, improve its risk management, audit and compliance functions and step up staff training and motivation,
Mr Kofi Bonsu Boateng, President of the Brong Ahafo chapter of the Association of Rural Banks, reiterated the call on shareholders to increase their shares to enable the bank to meet the yet-to-be-introduced minimum capital of GH¢300,000 and also stay in business.