Akyem Bosome Rural Bank profits
The Akyem Bosome Rural Bank in the Eastern Region in 2023 declared a net profit of GH¢1,758,057, representing a 60.48 per cent increase over the GH¢1,095,499 it generated in 2022.
During the same period, the bank's total assets increased from GH¢48,485,667 to GH¢60, 627,896 while the total deposits shot up from GH¢46,120,956 to GH¢53,678,411.
These were contained in the report by the Chairperson of the Board of Directors of the bank, Dr Betty Nanor Arthur and read on her behalf by the Vice Board Chairman, Dr Patrick Tandoh-Offin at the bank's 33rd annual general meeting held at Akyem Swedru last Saturday.
She said the bank's total operating income shot up from GH¢8,472,218 in 2022 to GH¢11,302,540 in 2023 while the investments increased from GH¢17,057,730 to GH¢24,569,032.
Capital increase
Dr Nanor Arthur said the bank's stated capital increased from GH¢1,203,152 in 2022 to GH¢1,233,216 in 2023.
She, however, noted that the bank granted loans totalling GH¢16,526,472 in 2023, which was 4.20 per cent lower than the GH¢17,250,474 it gave out in 2022.
In an address read for the Managing Director of ARB Apex Bank, Alex Kwasi Awuah by Mr Michael Nyardu Nyarko, the Eastern Regional Manager of the ARB Apex Bank, he called on loan beneficiaries of Rural and Community Banks to repay their facilities on time to maintain the credit cycle, which would enable the bank to cover other businesses and private entrepreneurs under their loan schemes.
He advised the directors of the banks to continue to commit resources to corporate social responsibility initiatives in the communities.
Mr Awuah said it was encouraging to observe that the bank invested a total of GH¢21,725.00 in corporate social responsibility causes.
The President of the Eastern Regional Chapter of the Association of Rural Banks, Kwame Anim-Somuah, commended the Akyem Bosome Rural Bank on its performance.
He, however, encouraged the bank to sustain the momentum in deposit mobilisation.
Mr Anim-Somuah urged the board to seriously consider the report of the auditors, both external and internal as they had been mandated to exercise that duty to bring to the fire, all forms of breaches which would affect the bank negatively.