Akyem Bosome Rural Bank increases profits

The Akyem Bosome Rural Bank, in 2013, granted loans and advances totalling GH¢3,008,416 to its customers to expand their businesses.

This is an improvement over last year’s GH¢2,795,642.

During the same period, the bank declared a net profit of GH¢227,832; an increase of 98.17 per cent over the 2012 profit of GH¢114,966.

The Chairman of the Board of Directors of the bank, Mr George Kumi Brobbey, announced this at the bank’s 25th annual general meeting held at Akyem Swedru in the Eastern Region last weekend.

He said the bank’s assets increased from GH¢9,854,896 in 2012 to GH¢11,671,973 in 2013 while its total deposit liabilities rose from GH¢8,704,129 to GH¢9,630,521.

Mr Brobbey attributed the achievements to the prudent management of both its financial and human resources.

He stated that the board was working to restructure and reposition the bank to be more competitive and profitable, adding that that was being done by adopting realistic measures to reduce waste and credit losses. 

He said even though the banking industry was facing liquidity challenges nationwide, the bank had taken realistic measures to surmount the problems by introducing some innovative products before the end of the year to mop up deposit. 

A former Minister of Energy, Mr Felix Owusu Adjapong , the District Chief Executive (DCE) for Birim South , Mr Emmanuel Kwakye , the Members of Parliament for Akyem Swedru and Akyem Achiase, Messrs Kennedy Osei - Nyarko and Robert Kwasi Amoah, also commended the board, management and staff of the bank for their hard work and urged them to sustain the spirit.

While calling on stakeholders to increase their shareholdings, they advised people in the area to also buy shares to make the bank one of the best in the country.