The Atwima Rural Bank recorded a net profit of GH¢58,358 after tax, from its operations during the year 2007, as against GH¢33,221 in the previous year.
Mr Kwabena Awuah, Chairman of the Board of Directors, who announced this at the 23rd Annual General Meeting of the bank at Foase in the Atwima-Kwanwoma District of Ashanti at the weekend, said total assets of the bank increased from GH¢3,156,910 in 2006 to GH¢4,211,971 in 2007.
Mr Awuah said the bank’s deposits grew from GH¢29,379 in 2006 to GH¢3,615,010 in 2007.
He said the share capital of the bank also rose from GH¢10,032 in 2006 to GH¢27,540 in 2007, recording an increase of 36.43 per cent.
The Board Chairman announced that in order to meet the Bank of Ghana’s new regulations of raising the level of share capital of rural banks from GH¢50,000 to GH¢150,000, it was doing everything possible to reach the target and that as at November 2008, the bank share capital stood at GH¢72,115.
Mr Awuah said the bank has not been able to satisfy its capital adequacy ratio of 10 per cent and could therefore not pay any dividend to its share holders.
He however said the bank would declare bonus shares at the end of the year and assured shareholders to see significant increases in their shares.
Mr Lord Ghansah, Ashanti Regional Manager of ARB Apex Bank, urged rural banks to improve upon their services to avoid loosing out to other banks within their catchment areas.
He advised the bank to check its internal control systems, fraud and other set backs of the bank.