By Edmund Quaynor, GNA
Osino (E/R),
Aug. 28, GNA – 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 percent 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.
GNA
