Brakwa Breman Rural Bank continues to grow significantly
Mr Alexander Koomson, Vice Chairman of the Board of Governors of the bank disclosed this in a report he read on behalf of Mr Anthony Effah, Chairman of Board, at the 33rd Annual General Meeting (AGM) of the Bank held at Breman Asikuma.
The Meeting themed “Effective and Efficient Service to enhance livelihood of people” was attended by hundreds of shareholders and clients of the bank despite continuous showers throughout the day.
They unanimously authorised the directors to transfer an amount of GH¢100,000.00 from the Bank’s Income Surplus Account to its Capital Account in order to meet the capital threshold of GH¢1,000,000.00 as demanded by the bank of Ghana.
Mr. Koomson indicated that during the year under review, the bank total deposit grew from GH¢9, 057.001.00 in 2016 to GH¢11,537,328.00 in 2017 representing 27, 38 percent, while the Net loans and overdrafts facilities also went up from GH¢5,429,980.00 in 2016 to GH¢ 6,149,991 in 2017 a growth of 13.26 percent.
He said the net worth of the bank increased from GH¢1,256,524 in 2016 to GH¢ 1,566,485.00 in 2017, while the return on Equity however declined from 10.86 percent in 2016 to 8.70 percent in 2017.
Profit of the bank before tax suffered a minor dip from GH¢136,528.00 in 2016 to 136,369.00 in 2017 and the delinquent loan continued to weigh heavily on bank even as it remained robust in the middst of the macro and micro economic challenges, he stated.
The report indicated that the paid up capital of the bank increased from GH¢516,501.00 in 2016 to GH¢1,032,641.00, a significant increase of 100 percent.
Mr Koomson said the bank continued to exercise its corporate social responsibility to communities within its catchment areas by supporting some institutes including the Breman Traditional Council during the celebration of their 2016 and the 2016 District farmers’ day.
“We commend all shareholders of the bank for their continuous support and understanding as they continue to make untiring investment into the capital base of the bank and also encourage maximum participation of all existing and other potential shareholders to increase their shareholding as the prospects of the bank remain very bright”.
Mr. Frank Owusu, Chairman of the Central Regional Association of rural banks in his address congratulated the bank for the gains made so far and expressed the hope that it would continue to chalk greater success in the years ahead.
He said if the bank would continue to grow it would depend on its staff and therefore advised the staff to eschew all negative practices that could lead to its collapse.
He also urged the board of directors and the management of the bank to stand firm to bring to book all defaulters of loans.