Mumuadu Rural Bank records GH¢632,000 profit before tax

The Mumuadu Rural Bank at Akyem Osino recorded a profit before tax of GH¢632,266.00 in 2011, showing a 32.85 percent increase over the previous year.

The deposit base of the bank expanded by 41.23 percent from GH¢9.7 million in 2010 to GH¢13.70 million last year, Mr Seth Adom-Asomaning, Chairman of the Board of Directors of the bank announced on Saturday.

Addressing the 24th Annual General Meeting (AGM) of the Bank at Akyem Osino, he indicated that advances grew from GH¢7.64 million in 2010 to GH¢9.84 million in 2011.

“Total investments in treasury bills increased from GH¢2,700,069 in 2010 to GH¢3,536,092 in 2011, representing a growth of 30.96 percent”.

Mr Adom-Asomaning revealed that a total of GH¢1,108,220.00 worth of cocoa was purchased through the Akuafo cheques in 2011 as compared to GH¢8,186,442.00 in 2010.

He said the decline was as a result of FEDCO withdrawing its operations from the bank to the Ghana Commercial Bank as part of its new operational policy.

The Board Chairman said the bank made donations totaling GH¢37,292.00 in support of some projects.

He mentioned the beneficiaries as the Osino Senior High School (SHS), Osino Presbyterian Church, eye surgery for one Mary Adobea from Suhum, Kyebi Secondary Technical School, Dome D/A Junior High School (JHS), National Farmers Day celebration, Okyeman Odwira Planning Committee, Bomdwen Primary and JHS and others.

Mr Kwadwo Aye Kusi, Acting Managing Director of the ARB Apex Bank Limited, in a speech read on his behalf, commended the bank on its performance.

He, however, advised the bank to put in place pragmatic and realistic programmes and policies to enhance its operations.

Mr Kusi mentioned some of the programmes as the development of microfinance business, risk management and internal controls and staff training and product development among others.

He mentioned some new developments in the rural banking sector to include computerization of the Rural and Community Banks (RCBs)/Millennium Challenge Account.

Mr Kusi indicated that the operations of 131 rural banks with 620 branches/agencies had so far been automated under the ARB Apex Bank’s computerization programme.

He announced that the Apex Bank in collaboration with the Danish Government, through its development wing, the Danish International Development Agency (DANIDA), had established a new project to assist RCBs in various ways.

Mr Kusi said the project was made up of four key components namely: The Rural Finance Wholesale Fund, The Merger Fund, Capacity Building Support for the Rural Banks and Human Resource Development of the Apex Bank.

Source: GNA

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