Business

Kwahu Praso Rural Bank made profit of GH¢297,000

The Kwahu Praso Rural Bank Limited made a profit of GH¢297,570.00 in 2017 as against GH¢237,556.00 in 2016, an increase of 18.04 per cent over the profit made in the previous year.

Disclosing this during the 22nd Annual General Meeting (AGM) of shareholders of the Bank at Kwahu Praso in the Kwahu South District, Mr Eric Kwakye Daafour, the Chairman of the Board of Director of the Bank indicated that the Bank would not be able to increase the dividend of shareholders due to the Bank’s inability to meet the Bank of Ghana statutory requirement of GH¢1,000,000.00.

He said the Kwahu Praso Rural Bank grew its income from GH¢ 2,521,998.00 in 2016, to GH¢3,202,433.00 representing an increase of 26.98 per cent in the year under review.

The Bank’s liability on customers’ deposits witnessed a marginal increase from GH¢7,428,891.00 in 2016 to GH¢9,316,768.00 in 2017 representing 25.41 per cent increase.

Mr Daafour said the total asset of the Bank grew from GH¢9,144,987.00 in 2016 to GH¢11,120,728.00 in 2017 representing an increase of 21.60 per cent.

He described the Bank’s microfinance sector as the soul of its operations and despite the Bank’s recording of some defaulters in their operational area, it had been able to make headway.

In line with the Bank’s corporate social responsibility, the Bank sponsored the orientation workshop for newly trained teachers, donated farming equipment to support the Farmers Day celebration in the operational areas of the branches and sponsored schools to organize speech and prize giving days.

In a speech read on behalf of the Managing Director of ARP Apex Bank Limited, Mr Kojo Mattah, he called on Rural and Community Banks (RCBs) to tighten their Internal Control system in order to prevent unscrupulous persons from exploiting the situation to the disadvantage of the banks.

He urged the Board of Directors of the Bank to ensure that they abide by the Bank of Ghana (BOG) directives in granting loans to serving Directors.

Mr Mattah therefore entreated the banks to deploy technology in their activities because it has become the key driver of products, services and processes in the contemporary banking industry.

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