Nsoatreman Rural Bank makes GHC 126,893.33 profit last year

Nsoatre (B/A), April 2, GNA – Nsoatreman Rural Bank, located in the Sunyani West District of the Brong-Ahafo Region, reported a net profit of GH¢126,893.33 in 2011, representing a 24.85 percent increase compared to GH¢101,632.00 in 2010.

By the end of the 2011 fiscal year, the bank’s total deposits reached GH¢4,882,758.52, up from GH¢4,037,517.36 in 2010. These figures were disclosed by the Board Chairman, Mr. Kofi Agyemang, at the bank’s 23rd annual general meeting in Nsoatre. He also mentioned that the bank’s investments grew from GH¢1,051,000.00 in 2010 to GH¢1,418,000.00 in 2011, while total assets for the fiscal year amounted to GH¢6,248,181.64.

Mr. Agyemang announced that the bank had received approval to pay dividends to shareholders who met the current share capital requirements. In 2010, GH¢19,886.42, or 20 percent of the bank’s profit, was allocated for dividends, with a dividend-per-share rate of GH¢0.02. For 2011, a total dividend of GH¢11,125.67, which is 10 percent of the post-tax profit, was declared at a rate of GH¢0.025 per share.

He encouraged customers and shareholders to increase their shareholding to strengthen the bank’s financial position and mitigate risks. Mr. Agyemang emphasized the growing competition in the banking industry, warning that banks that fail to recognize the impact of competition risk falling behind.

He praised customers who had repaid their loans but warned defaulters to settle their debts, as the bank would take all necessary measures to recover them. He also assured that the bank had not abandoned its scholarship program, which supports the children of loyal customers attending Senior High Schools.

Vice Chairman Mr. Daniel Hinneh urged the public to do business with the bank’s branches in Techiman, Sunyani, Jinijini, Chiraa, and Yamfo to more easily access loans.