BOSOMTWE BANK ASSISTS TEACHERS (PAGE 35, JULY 15, 2010)

THE management of the Bosomtwe Rural Bank in Ashanti has rolled out a product that seeks to provide adequate financial support for professional teachers in the Bosomtwe and Atwima Kwanwoma Districts to further their education.
The objective of the product is to help the teachers to offer quality education for the youth in their area.
The product dubbed: “Sandwich loan”, which has been in operation since the beginning of the year, has been hailed by teachers, many of whom are now taking advantage of it to develop their potentials.
The bank has also provided GH¢11,269.90 to support some educational institutions and communities in its catchment areas for them to initiate development projects to improve standards at the basic and second cycle levels.
The Chairman of the Board of Directors of bank, Mr Simon Osei-Mensah announced this at the bank’s 20th annual general meeting held at Kokofu.
He stated that the bank was determined to improve sanitation, health care and the welfare of the people to enable them to venture into productive ventures.
He said that would enable them to invest in projects that impact positively on their lives or expand existing ones to enhance adequate income generation.
The annual general meeting coincided with the inauguration of the Kokofu branch of the bank.
Mr Osei-Mensah said there had been increase in the bank’s profits and other financial operations, adding that while total deposits increased from GH¢7,612,049.69 in 2008 to GH¢9,756,121.30 last year, total advance decreased from GH¢5,354,606.05 to GH¢5,304,923.48 during the same period.
He said both the profit margins and assets of the bank however increased tremendously during the period under review, adding “total profit rose from GH¢395,694.21 in 2008 to GH¢576,235.37 last year”.
According to him, total assets of the bank also increased from GH¢9,621,062.58 in 2008 to GH¢12,283,360.38. last year, with the total capital increasing from GH¢355,842.03 in 2008 to GH¢401,792.75 last year .
Mr Osei-Mensah stated that the bank which was rated in March this year as the best among all rural and community banks in the country by the Apex Bank, “will continue with its prudent strategies and policies aimed at sustaining growth and development.”
“The bank will intensify loans recovery, deposit mobilisation and maintain quality assets to increase profitability,” he stressed, adding “human resource development will again continue to be high on the bank’s agenda.”
Mr Osei-Mensah said to enhance efficiency in their operations, the bank had now computerised all its agencies, adding that all agencies would be connected to a wide area network so that a customer at any of our branches, could access his or her accounts at any branch.
While commending the management and staff of the bank for their sense of professionalism in discharging their duties, he charged them to continue to be committed and dedicated to the operations of the bank.