THE Kumawuman Rural Bank last year increased its profit from GH¢170,070 in 2008 to GH¢222,535, due to what management of the bank described as prudent financial measures.
Total deposits also increased from GH¢4.87 million in 2008 to GH¢6.66 million, with total assets rising to GH¢10.17 million from the GH¢6.22 million recorded in 2008.
The Board Chairman of the bank, Dr Kwabena Duffuor, who said this in a report read on his behalf at the 17th annual general meeting of the bank, said loans and advances offered to clients also appreciated from GH¢3.27 million to GH¢4.15 million during the period under review.
Dr Duffuor, who is also the Minister of Finance and Economic Planning, gave the assurance that the board would continue to initiate policies and programmes that would facilitate its expansion, adding that the bank was more determined than ever to develop products that would accelerate its growth more meaningfully.
He said it was such policies that had enabled the bank to play “its role as a typical rural bank by contributing to the growth of the country’s domestic capital formation”.
The bank, he said, had already demonstrated its invaluable contribution to the local economy as 61 per cent of the deposits of the bank were made up of savings from customers who were predominantly residents of the rural economy.
He announced the bank had instituted a scholarship scheme to support the youth in its catchment area, saying “it will make it possible for them to unearth their talents by focusing on their academic programmes effectively”.
Last year, the Kumawuman Rural Bank offered a total of GH¢11,346 in scholarships to selected students in its catchment area. In all, 41 students from senior high and the tertiary benefited from the gesture.
Dr Duffuor pointed out that since many cocoa farmers in its catchment’s area decided to accept cocoa cheques payments instead of cash from their produce buyers, the bank was able to increase the Akuafo Cheques purchase, which increased from GH¢19,969 in 2008 to GH¢29,126 last year.
He said all the branches of the bank were also “ being computerised by the Millennium Development Authority (MiDA) through the Apex Bank “assuring that the computerisation of the bank would be completed before the end of the year”.
Dr Duffuor said the Kumawu Traditional Council had released a parcel of land to the bank to build its Head Office, assuring that the project would start early next year.
On its social responsibilities, Dr Duffuor said the Kumawuman Rural Bank spent a total of GH¢4,395 to undertake a number of development projects in some of the communities in their catchment areas as a way of accelerating socio-economic development in such areas.
He mentioned Tafo Traditional Council, the Sekyere East District Assembly, the Tweneboa Kodua Senior High School, the Sekyere East District Directorate and the Kumasi sub Metro of the Ghana Education Service as some of the beneficiaries of the bank’s benevolence.
No comments:
Post a Comment