Kaaseman Rural Bank makes profit

Page 39, 09/01/12

Story: Emmanuel Adu-Gyamerah
THE Kaaseman Rural Bank in the Western Region recorded profit before tax of GH¢702,047 in 2010 as against the GH¢352,139 it made in 2009.
The total deposit of the bank also increased from GH¢8.56 million in 2009 to GH¢18.99 million.
The Chairman of the Board of Directors of the bank, Mr Kwame Twumasi Ankrah, announced this at the 23rd annual general meeting of shareholders of the bank at Sefwi Kaase in the Bia District.
He added that the bank’s share capital went up from GH¢202,038 in 2009 to GH¢253,520 as at December 2010 while its total assets grew from GH¢10.27 million to GH¢18,99 million during the same period.
In addition, the bank gave out GH¢4.33 million as loans and overdrafts in 2010 as against GH¢3.27 million it advanced to its customers in 2009.
On the purchase of cocoa, Mr Ankrah said the bank purchased a total of GH¢31.71 million in 2010 as against GH¢10.52 million in 2009 and attributed the increase to the high crop yield and the increase in the producer price of the commodity.
Mr Twumasi said that the good performance of the bank had enabled it to carve an image for itself in the corporate world, explaining that currently the bank occupied the 22nd position in the Ghana Club 100.
Commenting on the operational challenges of the bank, Mr Ankrah noted that loan default remained one of the major challenges and called on all loan defaulters to repay their loans to enable others to benefit from such facility.
For his part, the Chief Manager of the Bank, Mr David Gbeblewu, said under the Millennium Challenge Account Computerisation Programme, all branches of the bank had been computerised and added that all branches would be networked to enable customers have access to their accounts at any branch.
In an address read on his behalf, the Managing Director of the ARB Apex Bank, Mr Eric Osei Bonsu, commended the bank for its impressive performance over the years, making it the third among the three rural banks in the Western Regional and fifth among the 133 rural banks throughout the country.
He called on rural banks to continue to educate their shareholders to enable them to fully appreciate some of their challenges.