Bawjiase Area Rural Bank declares profit
The Bawjiase Area Rural Bank (BARB) posted a profit before tax of GH¢1,542, 445.00 million in 2015 as against GH¢1,152,500 million in previous year in spite of operational challenges encountered.
Total assets of the bank also increased from GH¢21,237,233 million in 2014 to GH¢26,959,680 million in 2015 denoting a growth of 26.9 per cent.
Mr Emmanuel Osei, Chairman of the Board of Directors of the Bank, said this at the 26th Annual Shareholders Meeting at Awutu Bawjiase in the Awutu- Senya West District of the Central Region.
He said the bank increased the investment portfolio in government treasurer bills and other securities by 55.2 per cent.
The Chairman of the Board said the total investments made in the year under review amounted to GH¢11, 291, 213 million in 2015 as against GH¢7,273, 298 million in the previous year.
Mr Osei said the stated of capital of Bawjiase Area Rural Bank has hit GH¢2,045,087 million far above Bank of Ghana’s (BoG) required capital of GH¢1 million for Community and Rural Banks (CRBs) in 2017.
He said loans and advances disbursed to customers during the year amounted to GH¢25,949,763 million in the areas of microfinance, agriculture, commercial loans, over drafts and others.
The Chairman said the board of the bank has proposed the payment of a GH¢0.0283 dividend per share amounting to GH¢240,000 to shareholders, representing 4 percent increment.
On social and corporate responsibility, Chairman of the Board said a sum of GH¢28,342 has been earmarked to beef up the existing scholarship fund to sponsor needy but brilliant students.
In a speech delivered on behalf for the Managing Director of ARB Apex Bank Limited Mr Kwadwo Aye Kusi commended Bawjiase Area Rural Bank for the sterling performance in the 2015 fiscal year.
He said out of 140 Community and Rural Banks in the country , Bawjiase Area Rural Bank was rated strong and ranked 2nd and 2nd by the 1st and 2nd quarterly performance carried out by the Evaluation and Monitoring Unit (EMU) of Apex Bank in 2016.
The Apex Bank MD commended the Board of Directors, management and staffs of the bank for unprecedented performance put up in the previous years that had sustained the bank.
The Apex Bank Managing Director called on community and Rural Banks (CRBS) to put the necessary measures in place to prevent criminals from using their system to perpetrate crime.
Source: GNA