Ga Rural Bank’s profit dips

•   Nana Bram Okae (with microphone), addressing the shareholders.

• Nana Bram Okae (with microphone), addressing the shareholders.

The Ga Rural Bank at Amasaman has made a profit after tax of GH¢433,858.00 in 2014, as compared to GH¢450,252 in 2013, a decrease of GH¢16,394.00, representing a four per cent loss.

The reduction in profit was due to high operating cost, Advances and Depreciation.

Nana Bram Okae II, chairman of the Board of Directors of the Bank, made this known at the 23rd Annual General meeting of shareholders at Amasaman on Saturday.

He said the hard economic conditions prevailing, have made debt recovery very difficult, and urged all debtors to pay the bank.

Nana Bram Okae II said the bank recorded a total income of GH¢5,771,782; an increase of GH¢1,445,199 over the previous year’s of GH¢4,326,583, which represents 33 per cent.

Total expenditure, he said, recorded a higher increase of GH¢1,467,151, from GH¢3,826,454 to GH¢5,293,605, representing 38 per cent.

The Board has recommended an amount of GH¢253,822.94 to be paid as dividend for 2014 as against GH¢168,222.81 for 2013.

Nana Bram Okae II said the huge increase reflects the high purchase of shares by an institutional investor, the previous year.

The dividend per share is however maintained at GH¢0.07 (7Gp), the same as the previous year, while the price per share of GH¢0.50 was also maintained to enable many more people to purchase.

On business development, Nana Bram Okae II said, the Bank intends to open branches at Ablekuma, Anyaa, Alhaji and Sowutuom, adding that, the future of the bank looks good and bright.

The bank performed its corporate social responsibility (CSR) by extending support to communities and projects in its catchment areas, totalling GH¢34,500.

Nana Bram Okae said the Bank awarded scholarships to 12 deserving Senior High/Technical School entrants, bringing to 184, the number of recipients given scholarships since the programme started 18 years ago.

The Head of Operations at the ARB Apex Bank, Mr. Maxwell Donkor, in a message congratulated the shareholders and the board for a good work done despite the challenges they faced.

He advised the board to adhere and comply with legal and regulatory requirement.

Mr. Donkor said rural banks have a responsibility to perform, by adopting risk management policies, regulations, and rules that would curb perpetration of crime.

He urged shareholders to buy more shares to propel the bank to appreciable heights.

By Francis Xah

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