Twifo Rural Bank posts good profit to reverse loss

News & Reports
Twifo Praso (C/R), Nov. 9, GNA - The Twifo Rural Bank in the Central Region recorded a profit before tax of GH¢ 36,634.00 in 2009 to reverse a loss of GH¢ 99,867.00 posted in the previous year.
Mr Eric Osei-Bonsu, Managing Director of ARB Apex Bank Limited, the umbrella body of rural and community banks, commended management and staff of the bank on Saturday during its 19th Annual General Meeting (AGM) at Twifo Praso for the performance.

He, however, cautioned management not to be complacent and rest on its oar but to consolidate the gains and be spurred on to achieve more laurels in future.

Mr Osei-Bonsu also commended the Supervising Manager of the bank, Mr Kwaku Brenya Akrosuma and his management team for their visionary and transformational leadership, which led to the gains.

He said "…for rural banks to continue to perform the crucial function of rural financial intermediation that will lead to economic as well as social development and transformation, they need continuous support from the shareholders, the regulatory authorities, customers and the general public.

"Of utmost importance, however, is the need for rural and community banks themselves to improve upon their operations and be informed about new developments in the rural banking industry," he added.

Professor Paul .K. Buah-Bassuah, Chairman of the bank's board of directors, said the performance was encouraging and added that it almost doubled its income. But, he said operational cost would have to be reduced in the future.

Prof Buah-Bassuah regretted that as at now, the bank's stated capital stood at GH¢ 127,000, saying that with such minimum stated capital, it would not be able to give dividends until it satisfied the Bank of Ghana's requirement of GH¢ 150,000 by December 13, 2010.

The Chairman said total loans and advances granted in the year under review increased from GH¢ 1,493,645 in 2008 to GH¢ 1,691,136 in 2009 representing 18.68 per cent increase.

Investment in treasury bills increased from GH¢ 305,380 in 2008 to GH¢ 639,270 in 2009 - showing a percentage increase of 109 per cent.

Prof. Buah-Bassuah said under its social corporate responsibility, the bank donated GH¢ 250 to the Twifo Praso Football Model Club and GH¢100 to the Ghana Education Service Municipal Sports at Dunkwa.

He warned: "the bank would not spare anyone, who compromised indecent acts in banking. Customers, who default in the re-payment of a loan facility, will be prosecuted to recover the money."

Prizes were given to hard working workers of the bank.