Twifo Rural Bank makes 78% profit
The Twifo Rural Bank posted a profit of GH¢90,428.00 representing 78 per cent for 2011 as against GH¢50,900.00 the previous year.
In the year under review, total deposit rose from GH¢3,951.027 to GH¢6,006.786 with assets increasing to GH¢6,974.362 while investment rose from GH¢1,039,370 to GH¢1,442,340.
Mr Jonas Osei Yankson, Chairman of the Board of Directors of the Bank announced this on Monday at the 21st Annual General Meeting of the Bank at Twifo Agona in the Central Region.
He said loans and advances increased from 54 per cent in 2010 to 90 per cent in 2011 as a result of prudent micro financing undertaken by the Bank.
Mr Yankson said notwithstanding the profit margin, there were recalcitrant beneficiaries who did not honour their loan obligations and warned of court action against them.
The Board Chairman appealed to the shareholders to increase their shareholding for the sustenance of the bank.
He said the Bank of Ghana would increase the minimum share capital of rural banks from GH¢15 0,000, to GH¢500, 000.
Currently, the stated capital of the bank is GH¢210, 558.00 and would need GH¢290,000 to meet the required amount.
As part of its corporate social responsibility the bank offered 25 shares to Twifo- Heman Traditional Council and donated GH¢1,000.00 for ICT infrastructure for Agona community.
It also donated two bundles of roofing sheets to the Twifo- Heman Lower Denkyira District branch of National Disaster Management Organisation and steel cabinets to the Cape Coast Regional Police Command as well as 120 pieces of crocodile machetes for the Farmer’s Day celebration in the area.
Mr Kweku Acquah, President of the Regional Chapter of ARB C commended the Management of the Bank for making steady progress in its operation and urged other rural banks in the region to emulate the example.
Mr Ato Amoah, aspiring NDC Parliamentary candidate for Twifo- Ati- Morkwa commended the bank for its achievements and urged the personnel to work harder than before to increase the profit margin of the financial entity.
Source: GNA