By Eunice Tekie Tei, GNA
Kwahu Praso
(E/R), Oct. 16, GNA- The Kwahu Praso Rural Bank Limited made a profit of GH¢
312,553.00 in 2018.
The figure is
an increase of 54.55 per cent over the profit made by the Bank in 2017.
Mr Eric Kwarkye
Darfour, the Chairman of the Board of Directors of the Bank made this known
during the 23rd Annual General
Meeting of shareholders of the Bank held at Kwahu Praso in the Kwahu South
District.
He said despite
the unstable economic challenges of the country, the Kwahu Praso Rural Bank
grew its income from Gh¢3,202,433.00 in 2017, to Gh¢,3,597,393.00 representing
an increase of 12.33 per cent in the year under review.
The Bank’s
liability on customers’ deposits also witnessed an increase from
Gh¢9,316,768.00 in 2017 to GH¢11,096,183.00 in 2018 representing an increase of
19.10 per cent.
Mr Darfour said
the loans and advances of the Bank also grew from Gh¢3,972,060 in 2017 to
GH¢4,527,462.00 in 2018 representing an increase of 28.39 per cent.
He described
the Bank’s microfinance sector as the soul of its operations, and explained
that despite the Bank recording some defaulters in their operational area, it
had been able to make headway.
He said the
Bank was doing all it could to ensure that the bank meet up with any possible
increment from the Bank of Ghana in the near future.
In line with
the bank’s cooperate social responsibility, he said the bank donated computers
and accessories to the Besease D/A School and provided streetlights to the
Kwahu Praso community.
The Bank, he
indicated had also made contributions towards the orientation programmes for
newly trained teachers in various districts in their catchment areas.
In a speech
read on behalf of the Managing Director of ARP Apex Bank Limited, Mr Kojo
Mattah, congratulated the bank for meeting the Bank Of Ghana’s Minimum Capital
requirement of GH¢1,000,000.00 and encouraged other banks that have not met the
new requirements to speed up with their compliance plan to enable them take
advantage of bigger business opportunities in their area of operations.
He urged Rural
and Community Banks (RCBs) to tighten their Internal Control Process in order
to prevent unscrupulous persons from exploiting the weak systems to the
disadvantage of the banks.
He urged the
directors to ensure that they abide by the Bank of Ghana (BOG) directives in
granting loans to serving directors.
Mr Mattah
therefore entreated the banks to deploy technology in their activities because
that is the key drivers of products, services and processes in the contemporary
banking industry.
GNA
