Juaben Rural Bank supports agric sector

The Juaben Rural Bank in the Ashanti Region last year supported the agricultural sector to improve  production, as well as the  income of farmers.

The bank gave loans totalling GH¢432,734.00 in 2012 as against GH¢112,498.00  the previous year, representing an increase of 284.7 per cent.

Some of the areas in the sector that received support included poultry, citrus, teak and livestock.

The chief executive officer of the bank, Mr Kwabena Agyei-Poku, said the bank’s remarkable support for the agricultural sector was due to the fact that agriculture moved all facets of the nation.

Speaking at the bank’s 28th annual general meeting at Juaben, the chief executive pledged to support  agro-based industries in its catchment area.

He noted that agriculture had the capacity to create more jobs if it received the needed support.

The bank, in the year under review made significant strides in its operations  making a net profit of GH¢1,803,288.00 as against GH¢1,087,847.00 in 2011, the profit represented 65.8 per cent increase.

The bank’s total assets also increased from GH¢25,556,265.00 in 2011 to GH¢32,534,117.00 in 2012, also representing 27.3 per cent, while loans and advances grew sharply from GH¢10,051,681.00 in 2011 to GH¢16,371,549.00 in 2012, representing 62.9 per cent.

In the area of deposits by customers, an amount of GH¢32,534,117.00 was mobilised in 2012 as against GH¢25,556,663.00 in the previous year, representing an increase of 27.3 per cent.

The bank spent GH¢47,682.00 on its corporate social responsibility in the year under review by donating to support education, health and sanitation, agriculture (farmer’s awards) and institutions around the banks catchment area.

It is currently supporting 34 brilliant  needy students who are shareholders’ children in second cycle and tertiary institutions in the country to the tune of GH¢38,193.00.

The Board Chairman of the bank, Mr Kwabena Asante Krobea, attributed the gains made to prudent and pragmatic policies put in place by the management of the bank.

He said the cedi’s performance over the first nine months of the year 2012 indicated significant depreciation against the major trading currencies like the pound sterling,  the US dollar and the euro. This, he said, affected the bank’s operations greatly.

 A representative of ARB Apex Bank, Mr Yaw Sarpong, commended the board and management of the bank for the success chalked up in the industry over the past 10 years and urged them to continue  the good work.

He expressed concern about the low income paid to personnel of rural banks across the country and called for something to be done about the situation to enable  more qualified personnel to be attracted to the sector.

Nana Dr Otuo Siriboe II, the Omanhene of Juaben, who was a special guest of honour at the function, eulogised the management of the bank for the development brought to the area by the bank and pledged support for the operations of the bank at all times.

By Felix A. Baido/Daily Graphic/Ghana

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