The Weto Rural Bank in the South Dayi District has raised its net profit to 215,658.47 cedis (449 percent) in 2009 up from 39,304.32 cedis in 2008.
The performance arose out of Treasury bill investments where the rates doubled during the year under review coupled with improved loan recovery.
The Bank’s liability for the period however stood at 4.3 million Ghana cedis
Mr David Y. Kludje, Board Chairman of the Bank, said this in his statement at the bank’s Annual General Meeting on Saturday.
Mr Kludje said though the Treasury bill rate might drop by 10 percent in 2010 “our revenue stabilization strategy would guarantee an acceptable profit.”
He said the bank also exceeded the Bank of Ghana’s share minimum capital of 150,000 Ghana cedis and was poised to raise it to 200,000 Ghana cedis by the end of 2010.
“The window of opportunity for growth remained open and the bank will take full advantage as we did in 2009,” Mr Kludje said.
In a speech read for him, Mr Eric Osei-Bonsu, Managing Director of ARB APEX Bank commended the “impressive performance” of the Weto Rural Bank.
He reminded the Weto Rural Bank of the need to merge with other rural banks “as a way of fighting the competition and improving on service delivery.”