Assets of Nsutaman Bank hit GH¢5m

money-cashTotal assets of the Nsutaman Rural Bank hit GHȼ5,073,654.68, last year, the Board Chairman, Mr. Justice I. R. Aboagye, has announced.

He said this represented a 28.11 percent increase over the year 2014 figure of GHȼ3,960,384.05.

At the same time, deposits of the bank rose from GHȼ2,927,168.45 to GHȼ3,810,416.93.

He was addressing the shareholders at their 15th annual general meeting held at Nsuta in the Sekyere Central District.

Mr. Aboagye told owners of the bank that its investments during the period shot up to GHȼ2,806,566.96 from GHȼ2,182,586.52.

Loans and advances in support of the promotion of businesses also came to GHȼ669,898.55, a growth in excess 10 per cent of the previous year’s total.

He put the bank’s profit before tax at GH¢78,765.80, a significant decline of the GH¢156,711.64, it posted in 2014.

The Board Chairman attributed the fall in profit to the capital projects it undertook including the planting of new branches.

He said the bank was showing strong performance and that as of end October, this year, it had made a profit of GHȼ165,313.27 on its operations.

He encouraged the shareholders to buy more shares to strengthen its capital base.

Mr. Andrews Oteng Amoako, a Board Member, vowed to continue to work hard to improve internal controls to protect the customers’ money.

He said they would also do everything to recover loans and prevent default.

Source: GNA

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