Brakwa Breman Rural Bank operates in 24 communities

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The Brakwa Breman Rural Bank Limited has held its 29th Annual General Meeting (AGM) at Brakwa under the chairmanship of Mr Anthony Effah.

wpid-Rural20Banks.jpgIn his report, Mr Effah said the bank?s total income for the year ended December 31, 2013 stood at 1,488,155 Ghana cedis, as against 1,253,886 Ghana cedis in 2012, representing 22.5 per cent increase in income.

Mr Effah said, out of the 2013 figures, an amount of 1,399,803 Ghana cedis was attributed to interest income, with 204,732 Ghana cedis being commission, fees and other income sources.

On deposits, Mr Effah said the year recorded a marginal increase from 53,808,144 Ghana cedis to 3,936,550 Ghana cedis, representing 56 per cent growth.

He disclosed that the bank has devised strategies of increasing the deposit level, by doing business with the various transport unions and filling stations in the Asikuma-Odoben- Brakwa District.

On investments, the chairman said it increased slightly from 1,103,127 Ghana cedis to 1,118,127 Ghana cedis, representing 1.4 per cent.

He said this was as a result of disinvestments made during the year to support the Women in Development WID and other loan programmes.

On loans and advances to customers, the chairman said the bank experienced a very low recovery of loans due to customers’ inability to pay off loans granted them.

He said this did affect profit levels, and therefore, appealed to the people to honour their obligations to avoid a massive recovery exercise proposed in the coming year.

On Women In Development (WID), a microfinance programme, Mr Effah said this programme which was launched in 1994 in collaboration with freedom from hunger, has 120 members with four groups from Amanfopong, Jamra, Kokoso and Fosuansa, adding that the initial amount approved for each group was four Ghana cedis..

Mr Effah disclosed that as at now, the bank is operating in 24 communities with about 2,400 members with some members assessing up to about 5,000.00 Ghana cedis or more.

Mr Effah said despite numerous challenges in 2013, the directors were committed to re-brand the bank, and give it a new image.

He said they were optimistic that the future of the bank was bright, and appealed to the people to support the activities of the bank.

GNA

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