Bosomtwe Rural Bank shows strong growth

The Bosomtwe Rural Bank made a net profit of GH¢ 624,368.52 on its operations last year, the Board Chairman, Mr Philip Bondah, has announced.

This represents a 7.7 percent increase over the previous year’s figure of GH¢576,235.37.

Within the same period, its total assets shot up to GH¢16,886,729.98 from GH¢12,283,360.38.

Mr Bondah, who was addressing the 21st Annual General Meeting of the Shareholders at Kuntanase said there was also remarkable growth by way the bank’s support for the economic activities of customers.

Total advances came to GH¢5,964,487.95.

He said through well-structured savings mobilization drive, deposits went up from GH¢9,756, 121.30 to GH¢13,761,946.29.

Mr Bondah underlined the need to increase the bank’s share capital to enable it to effectively carry out its planned expansion projects.

At presently, the share capital stands at GH¢428,924.28 and the chairman invited the shareholders to raise their holdings.

The bank, established 28 years ago, is now operating eight agencies in addition to the head office at Kuntanase.

These are at Kokofu, Jachie, Atonsu, Atonsu-Bokro, Asafo-Dadiesoaba, Atwima-Amanfrom, Ahenema-Kokoben, and Trede.

Mr Bondah vowed to sustain the prudent financial management practices that had made the bank one of the best performers in the country.

It won gold at the Seventh Ashanti Financial Services Excellence Awards last year. This is the third time it has received the ultimate prize.

The Directors of the Bank declared a dividend of 0.018Gp per share amounting to GH¢141,533.87 to shareholders.

Source: GNA