THE Nwabiagya Rural Bank in the Ashanti Region recorded significant success in its operation in 2008, with the posting of a profit of GH¢586,255 representing 29.16 per cent increase over that of 2007.
Nana Owusu Sarfo Anwona II, the Chairman of the board of directors of the bank, who said this at the 21st annual general meeting (AGM) of the bank at Barekese last Friday, further stated that the profit margin coupled with other achievements would continue to position the bank in a profitable manner.
With the impressive operational results, the bank has recommended the payment of GH¢167,926 as dividend to shareholders.
Nana Anwona said the bank’s paid up capital increased from GH¢130,913 in 2007 to GH¢232,035 in 2008 while total assets rose from GH¢11.9 million to GH¢15.1 million within the same period.
The board chairman attributed the reduction in the bank’s purchases of the Akuafo Cheques, saying that the bank during the period under review. dealt with only the Produce Buying Company and one other private licensed buying company.
He said the bank supported various development projects in its catchments to the tune of GH¢33,721 in 2008.
Nwabiagya Bank also provided scholarships amounting to GH¢10,000 to support the education of a number of beneficiaries under its scholarship scheme.
Mr James K. Addai of the Bank of Ghana, commended the board, management and staff of the bank for working hard to bring the bank far and urged them to maintain that spirit.
He also asked shareholders to increase their shareholdings in the bank while asking others who had not bought the bank’s shares to do so.
The Member of Parliament for Atwima Nwabiagya Constituency, Mr Benito Owusu Bio noted that after the Government and the District Assembly, the Nwabiagya Bank was the district’s major financier of development projects.
It was therefore, important that the people continued to purchase shares to enable the bank do more for them.