Awutu Bawjiase
(C/R), July 18, GNA – The Bawjiase Area Rural Bank with its headquarters at
Awutu Bawjiase has recorded a growth of GH¢1.8 million profit before tax in
2017 representing 13 per cent increase over the 2016 profit of GH¢1.6 million.
The bank increased
its profit from GH¢1,650,150 in 2016 to GH¢1,865,134 million in 2017.
It also paid a total
tax levy of GH¢555,937 to the Ghana Revenue Authority while seeing a growth of
its total assets increase from GH¢31,036,966 in 2016 to GH¢35,811,370 in 2017,
which represent about 15 per cent.
Mr Moses Sankofi,
the Chairman of the Board of the Directors of the Bank, made this known at the
28th Annual General Meeting of the shareholders of the bank at Awutu Bawjiase
in the Central Region.
He said the chunk of
the increase can be attributed to short-term investment in securities which
increased from GH¢12,990,005 in December 2016, to GH¢16,984,951, representing
about 30 per cent increase.
Mr Sankofi said
loans and advances disbursed to customers during the year under-review amounted
to GH¢38,264,950 in microfinance loans, commercial, personal and agricultural
sector and overdrafts.
He said the Board of
Directors proposed payment of dividend of GH¢360,000, which would go for 0.0402
per share, representing about 15 per cent increase over the declared dividend
of 0.0349 per cent share for 2016.
The Board Chairman
said the bank in conjunction with ARB APEX Bank Limited would introduce new
electronic products such as “Agency Banking” before the close of this year to
improve deposit mobilisation drive of the bank.
Mr Kojo Mattah, the
Managing Director of the ARB APEX Bank, in speech read on his behalf,
congratulated the Bawjiase Area Rural Bank for its performance, which placed it
at the second position out of 20 banks on the Central Regional level and 12th
position on the national level out of 142 Rural and Community Banks as at
March, 2018.
He said with the stated
capital requirement of GH¢2.3 million by the Bank of Ghana, the bank has
already complied with the GH¢1,000,000 capital requirement set for December 31,
2017.
Mr Mattah commended
the bank’s profit growth, considering the challenges in the banking sector for
the year under-review.
He appealed to
customers who have borrowed from the bank to repay the loans for others to also
benefit from the facility.
GNA