AKUAPEM RURAL BANK GIVES MORE LOANS (PAGE 20)

THE Akuapem Rural Bank with its headquarters at Mamfe in the Eastern Region, gave out GH¢2,009,531 as loans and advances last year as against GH¢801,491 in 2006, showing a rise by 150.72 per cent.
The Chairman of the Board of Directors of the bank, Mr Edward Ofei Bekoe, announced the significant increase in the loan portfolio at the 27th annual general meeting of shareholders at Mamfe.
He said the bank decided to increase its financial assistance to its customers as a way of boosting economic activities in the area, and that it would continue to intensify micro finance activities to ensure that more customers would be covered.
That, he said, would reduce poverty in the area which he explained was the main reason of setting up the bank.
To improve on its services for customers, Mr Bekoe said, the computerisation of the head office, which was under renovation, was being extended to its agencies at Nsawam and Adukrom while a building was being constructed at Aburi to offer banking services to the people in the town.
He stated that all those activities had become possible due to the significant improvement in its operations over the years.
According to Mr Bekoe, the bank declared a profit of GH¢281,109 before tax in 2007, as against GH¢237,364 in 2006, an increase of 18.43 per cent while the total income was hiked by 35 per cent, from GH¢771,278 to GH¢1,041,616 during the same period.
Total assets of the bank, he further stated, increased by 29.63 per cent, that was, from GH¢5,489,389 to GH¢7,116,934 while deposits also hiked by 34.10 per cent, from GH¢3,864,464 to GH¢5,182,162, all within the stipulated period.
With regard to share capital, Mr Bekoe said, the payment of high dividend had continued to attract more investors and as a result, the bank’s paid up capital had increased from GH¢90,995 to GH¢179,897 as at the end of 2007.
He, however, appealed to shareholders to buy more shares.
The Head of the Training Department of the ARB Apex Bank, Mr Richard M. Addo, who read the speech on behalf of the Managing Director, Mr Eric Osei-Bonsu, congratulated the bank for its achievements.
He, however, called on its management and board to put in an effective internal control system in compliance with applicable laws and regulations.
Mr Addo also announced that the ARB Apex Bank had entered into partnership with Western Union Money Transfer for inward foreign remittances and that all rural banks would be brought on board by the end of the year.