From a loss of GH¢406,654.00 in 2013, the Kwaebibirem Rural Bank made a profit, before tax, of GH¢86,155.00 in 2014.
Addressing the annual general meeting of the Bank at Asuom, the Board Chairman, Mr. Carlos Kingsley Ahenkora, said the rise in profit marginally improved the equity of the bank as the negative balance on the income surplus account declined from GH¢1,004,791 to GH¢940,174.
Mr. Ahenkora said the bank had strengthened its internal controls at all agencies where there had been regular financial leakages, adding that these controls would be sustained.
On product development, the Chairman said, the introduction of “Boafo Ye Na”, the bank’s micro finance scheme by the General Manager, Mr. Michael Agyekum, had added value to the bank’s credit.
Mr. Ahenkora said the bank had so far given out GH¢1,475,600 as loans and credit, and registered 2,515 people from 214 groups, explaining that the micro-finance scheme was for economically active poor entrepreneurs, traders, and those other commercial activities with low incomes.
He said the bank, as part of its corporate social responsibility effort, had spent GH¢5,000 on the re-filling and patching of the Abodom-Abaam stretch of the road.
Mr. Ahenkora said the bank continued to support all the operational districts for the organisation of the National Farmer’s Day, and had contributed to the Okyeman Educational Fund.
He said the bank chalked some successes on its loan recovery from 2013 to 2014, with some hardened defaulters being sent to the Koforidua High Court.
Mr. Kwadwo Aye Kusi, Managing Director of the ARB Apex Bank Limited, in an address delivered on his behalf, said the board of rural banks had the responsibility to initiate organisational and operational transformation, especially in the areas of ICT, risk management, compliance, effective deposit mobilisation, quality loan management and cost control.
He urged the Kwaebibirem Rural Bank to put in place the appropriate programmes and policies in that respect.