Naara Rural Bank makes progress

The Naara Rural Bank Limited in the Upper East Region with its head office at Paga has recorded a net profit before tax of GH¢747,925.00 in 2013 as against the GH¢580,805.00 it realised in 2012, respresenting a percentage increase of 28.8.

The bank operates three other agencies located at Navrongo, Sirigu and Bolga-tanga, as well as a mobilisation centre in Chiana.

Announcing this at the 24th annual general meeting (AGM) of shareholders of the bank at Paga on Saturday, Mr. Simple John Aniba, chairman of the Board of Directors (BOD) also revealed that the bank accumulated a total deposit of GH¢16,001,317.00 in 2013 compared to the GH¢14,691,580.00 it bagged in 2012, symbolising an increase of 8.9 per cent.

According to Mr. Aniba, short-term investments of the bank also shot up from GH¢2,052,700.00 in 2012 to GH¢2,849,600.00 in 2013, symbolising a percentage increase of 38.8.

He indicated that loans and advances of the bank also rose from GH¢10,017,008 in 2012 to GH¢10,588,170 in 2013, signifying an increase of 5.7 per cent.

The board chairman announced that there was a significant increase in the net worth of the bank from GH¢2,002,562 in 2012 to GH¢2,700,287, in 2013 representing a percentage increase of 34.8.

From Ibrahim A. Mohammed, Paga

 

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