THE Manya Krobo Rural Bank, which operated at a loss of GH¢151,947 in 2008, made a significant improvement last year, registering a pre-tax profit of GH¢123,330.
The reverse of the bank’s 2008’s abysmal performance, according to the Chairman of the Board of Directors, Mr B.T. Apo, was due to prudent measures instituted, especially for the recovery of loans and advances.
Addressing shareholders of the bank at its annual general meeting at its headquarters at Agormanya, Mr Apo also stated that the bank made significant gains in other areas in 2009.
He said, for instance, that its total income increased from GH¢1,168,947 in 2008 to GH¢1,557,135 in 2009 (33.21 per cent) while total assets also rose from GH¢6,916,714 to GH¢7,493,230 (8.34 per cent) and deposits from GH¢4,761,429 to GH¢5,081,922 (6.73).
Investments, according to Mr Apo, also hiked from GH¢ 1,356,765 to GH¢1,399,702, an increase of 3.16 per cent.
He told the shareholders that the significant improvement in the fortunes of the bank made it possible to also increase advances from GH¢3,918,712 to GH¢4,461,437.
He said despite the significant achievements in the operations of the bank, it was still facing a major challenge of default in loan repayment and urged beneficiaries of the loans to settle their indebtedness to put the bank on a sound footing for others to also benefit from the facility.
Mr Apo further stated that since microfinance had been identified as a major tool not only for the improvement of the fortunes of the bank, but also for the reduction in poverty in the community, new structures were being put in place to ensure a smooth take-off of an envisaged dedicated microfinance unit of the bank.
Dwelling on the staff position of the bank, Mr Apo said the former acting Managing Director, Mr Ebenezer K. Kpabitey, had tendered his resignation and a new person, Mr E.T. Ohipeni, had taken his place.
He also stated that while most of the staff members worked hard and offered dedicated services, a few of them who indulged in various acts of indiscipline and crime were summarily dismissed and were being prosecuted.
Mr Apo expressed his appreciation to other members of the board, management, staff and shareholders, as well as its customers, for their support that has made the bank to continue to stand on its feet.
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