THE Juaben Rural Bank is to assist salaried workers under the Single Spine Pay Policy (SSPP) to own their houses.
Announcing this at the 25th Annual General Meeting of shareholders of the bank at Juaben in the Ashanti Region, the Board Chairman, Mr Kwabena Appiagyei Asante-Krobea, said a system was being developed under which workers could apply for loans to start housing projects.
He said the bank had great interest in the welfare of workers and would continue to assist them to plan their future well.
Mr Asante-Krobea said the bank had supported a number of development programmes in its catchment area in line with its corporate responsibility policy.
He added that the bank would take advantage of the numerous government interventions designed at uplifting the living standards of the rural people to alleviate the poverty in its catchment area.
Mr Asante-Krobea said during the year under review, the total loans portfolio of the bank rose from a previous year’s figure of GH¢5,352,899 to GH¢6,117,023, an increase of 14.28 per cent.
He said the loans went into agriculture, cottage industries, trading, transportation and micro-finance.
Mr Asante-Krobea said the bank’s profit continued to grow, recording 100.58 per cent increase in profit before tax from GH¢354,049.45 in 2008 to GH¢710,163.60 in 2009.
He said with the significant performance, the bank placed fourth in the national rural banks ranking and third in the Ashanti Region in terms of profit, which is unprecedented in its 25-year history.
Mr Asante-Krobea stated that as a result of prudent management of its resources, the bank was first in the cost/income ratio among the banks in the region.
The board chairman further said due to the confidence the bank had won in the business community, it had consistently remained a member of Ghana Club 100.
He urged shareholders to endeavour to increase their shares in the bank as a way of increasing the capital of the bank.
The Deputy Head of Banking Supervision Department of the Bank of Ghana, Mr Franklin Belnye, told the gathering that the emergence of new financial intermediaries was complicating competition for customers and business.
He said it was, therefore, important for rural banks to position themselves effectively for the challenges if they were to remain in business.
Mr Belnye urged rural banks to inject capital in their banks either through fresh equity contribution or deployment of part of their retained earnings or both.
He challenged rural banks to find innovative ways of mobilising deposits and extending credit by developing appropriate products and services.
He commended the bank for the strides it had made in its 25-year history and expressed the hope that it would post more positive results in the years ahead.
The Juabenhene, Nana Otuo Siribuo, appealed to the bank to support the police station project being undertaken by the Juaben community.