Twifo Rural Bank makes profit
News & Reports
Twifo Rural Bank made a profit of GH¢50,900 before tax in 2010 as against the previous gross profit of GH¢36,634 in 2009.
The directors of the Bank did not recommend the payment of dividend for the year ending December 31, 2010 but rather purchased the 450 shareholders of the bank spraying machines worth GH¢8000.
Mr Jonas Yankson, Chairman of the Board of Directors of the Bank, who disclosed this at the 20th annual general meeting of the Bank at the Twifo Hemang Methodist Church on Saturday said the dividend declared per head was insufficient for an individual to purchase the machine which was to support their farming activities.
He said its total assets increased from GH¢3,431,284 to GH¢4,558,265 whilst deposits increased from GH¢2,735,173 to GH¢3,951,027 with loans granted rising from GH¢1,691,136 to GH¢2,2224,156.
Stated capital, he said, rose from GH¢86,831 to GH¢152,615 while shareholders’ fund increased their shares to meet increase capitalization to enable the bank to continue with plans for further expansion.
He said although the bank was able to meet the GH¢150,000 minimum capital required by the Central Bank there is the possibility that the regulators may raise the bar further, “we should therefore increase our shareholdings to avoid defaults”.
Mr Yankson said the share capital as at November 2011, stood at GH¢204,254.00 and due to economic crises in the world market the Board and Management have decided to raise the share from GH¢02 Pesewas to 50 Pesewas with immediate effect with a minimum share value of GH¢10.00.
He advised shareholders whose shareholdings were not up to GH¢10.00 to top them up to meet the minimum to help increase the bank’s stated capital.
He said plans are far advanced for the bank to open a second agency at Twifo Praso whilst a total of GH¢7,096.00 was spent on various projects including the donation of chairs to the Twifo Praso Government Hospital in the bank’s catchment area.
In a speech, read on his behalf, Mr Duke Osam Duodo, Acting Managing Director of the ARB Apex Bank Limited, commended the entire leadership team of the Twifo Rural Bank for its vision and hard work that had transformed the bank to its present status.
He said the transformation and modernization of the banking industry would require the continuous training of staff to upgrade their knowledge and that the head office had to assist in that regard.
Mr Joseph Foster Andoh, the District Chief Executive, said the competition in modern-day banking poses a challenge to all serious minded banking institutions and stressed that dedicated, honest and hardworking staff were needed to meet that challenge.
Mr Kweku Acquaah, President of the Central Region Chapter of the ARB Apex Bank Limited, urged customers of rural banks to ensure the prompt payment of loans to enable others enjoy the facility and also keep the banks in business.