Mumuadu Rural Bank reports GH¢2.5m profit

Mumuadu Rural Bank Limited made a profit of GH¢2.5 million in 2018.

The total operational income of the Bank increased from GH¢14million  in 2017 to GH¢16.3 million in 2018.

For the year under review, the Bank declared a dividend of GH¢0.0184 per share.

This was announced by the Chairman of the Board of Director of the Bank, Mr Seth Adom-Asomaning at the 31st Annual General Meeting of the Bank at Osino in the Eastern Region.

He assured the shareholders of the Bank that despite the challenges in the banking sector of the economy, the operations of the Bank remains solid and formidable and said the management of the bank has strategies to soar higher in the rural banking sector in the coming years.

Mr Adom-Asomaning said the stated capital of the Bank is GH¢3.9million, which is far in excess of the Bank of Ghana requirement of GH¢1million.

He said the primary reserve for the year was 10.60 per cent which is 2.60 percent above the required eight percent.

Mr Adom-Asomaning said during the year under review, the Bank won the banking institution of the year and long service award organized by the SME Ghana Awards, Rural Banking Impact award organized by Ghana Business Awards and was ranked 31 among the best 100 companies in Ghana, the fourth best among the 24 Rural Banks in the country and the best rural bank in Eastern Region.

The Managing Director of the ARB APEX Bank, Mr Kojo Mattah, appealed to the shareholders of the Rural and Community Banks (RCB) to have patience over the decisions of Bank of Ghana on the RCBs.

He advised the RCBs to concentrate on medium, small, micro and individual businesses in their catchment area.

Mr Mattah explained that such a stand was what could guarantee RCBs success and assured them of a better future.

He urged RCBs to work together to take advantage of the promotion of cashless economy and electronic banking in the country.

Mr Mattah reminded managers of RCB that RCBs were the last hope for the rural poor and vulnerable and they cannot afford to fail them.

Source: GNA