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Ankobra West Rural Bank Limited generated a total income of GH¢163,674 in 2008 as compared to GH¢108,313 in 2007, Mr Mike Ezan, Chairman of the Bank, announced on Friday.
Addressing the 17th Annual General Meeting of the Bank at Essiama, he said the total expenses of the financial entity in 2008 amounted to GH¢118,682 as compared to GH¢86,976 in 2007.
Mr Ezan said this resulted in profit before tax of GH¢41,484 as against GH¢21.334 in 2007.
He said the cost of running the bank was still high in view of the inflationary pressures in the country and during the year, the “cost to income ratio improved marginally from 79 per cent to 70 per cent.
Mr Ezan said the sum of GH¢19,236 had been transferred out of the bank’s profits to the Statutory Reserve Fund in fulfilment of section 29 of the Banking Act, bringing the total Reserve Fund to GH¢55,296 from GH¢36,060 in 2007.
He said this year, the directors of the bank could not recommend dividend in view of the Bank of Ghana’s stipulation that Banks that had not mobilised the Statutory Capital of GH¢150,000 should not pay dividends or open agencies.
Mr Ezan said accordingly, the residual amount of GH¢19,236 of profits after tax had been transferred to the Income Surplus Account, to bring the total of the account to GH¢28,953.