Kwamanman Bank makes profit

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The Kwamanman Rural Bank continues to show strong operational results, posting a pre-tax profit of GH?609,507, last year which represented a 52 per cent increase over the year 2012 figure of GH?400,738.

Money
Money

Mr. Joseph Ofori-Amanfo, the Board Chairman, told shareholders at the 20th annual general meeting at Kwamang in the Sekyere Central District.

He said the bank?s total deposits grew during the period from GH?14.1 million to GH?14.7 million. At the same time, investments in treasury bills and other securities rose to nearly GH?4 million from the previous year?s GH?3.6 million.

Mr. Ofori-Amanfo put the banks total assets at GH?18.6 million, showing an eight per cent growth. He also put the bank?s net worth at GH?1.2 million, adding that, it has met the capital adequacy ratio requirement.

Its stated capital has now hit GH?416,974, exceeding the Bank of Ghana (BOG) threshold of GH?300,000.

The Board Chairman informed the meeting that it was able to provide substantial support by way of loans to small and medium scale enterprises (SMEs) to expand their businesses.

Over GH?9.8 million was disbursed to operators in agriculture and cottage industries, as well as transport and other productive sectors.

He said these achievements were, however, made amid challenging economic and business environment – rising inflation, power crisis and interest rate uncertainties.

Mr. George Kwaku Annor, Manager, Kumasi branch of the ARB Apex Bank, saluted the Kwamanman Rural Bank for its performance, which he rated ?satisfactory?.

He, however, encouraged the management to do more to ensure effective deposit mobilization, cost control and reduction, loan recovery and customer care.

He also appealed to the shareholders to increase their shares, and urged those granted loans to do everything possible to pay back the money on time to enable other people to benefit.

GNA

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