(C/R), Aug. 31, GNA - The Bawjiase Area Rural Bank (BARB) posted a profit
before tax of 1,542, 445.00 million Ghana cedis in 2015 as against 1,152,500
million Ghana cedis in previous year in spite of operational challenges
Total assets of the bank also increased from 21,237,233million Ghana cedis in 2014 to 26,959,680 million Ghana Cedis in 2015 denoting a growth of 26.9 percent.
Mr Emmanuel Osei, Chairman of the Board of Directors of the Bank, said this at the 26th Annual Shareholders Meeting at Awutu Bawjiase in the Awutu- Senya West District of the Central Region.
He said the bank increased the investment portfolio in government treasurer bills and other securities by 55.2 per cent.
The Chairman of the Board said the total investments made in the year under review amounted to 11, 291, 213 million Ghana cedis in 2015 as against 7,273, 298 million Ghana cedis in the previous year.
Mr Osei said the stated of capital of Bawjiase Area Rural Bank has hit 2,045,087 million Ghana cedis far above Bank of Ghana’s (BOG) required capital of one million Ghana cedis for Community and Rural Banks(CRBs) in 2017.
He said loans and advances disbursed to customers during the year amounted to 25,949,763 million Ghana cedis in the areas of microfinance, agric, commercial loans, over drafts and others.
The Chairman said the board of the bank has proposed the payment of a 0.0283 Ghana cedis dividend per share amounting to 240,000Ghana cedis to shareholders, representing 4 percent increment.
On social and corporate responsibility, Chairman of the Board said a sum of 28,342 Ghana Cedis has been earmarked to beef up the existing scholarship fund to sponsor needy but brilliant students.
In a speech delivered on behalf for the Managing Director of ARB Apex Bank Limited Mr Kwadwo Aye Kusi commended Bawjiase Area Rural Bank for the sterling performance in the 2015 fiscal year.
He said out of 140 Community and Rural Banks in the country , Bawjiase Area Rural Bank was rated strong and ranked 2nd and 2nd by the 1st and 2nd quarterly performance carried out by the Evaluation and Monitoring Unit(EMU) of Apex Bank in 2016.
The Apex Bank MD commended the Board of Directors, management and staffs of the bank for unprecedented performance put up in the previous years that had sustained the bank.
The Apex Bank Managing Director called on community and Rural Banks (CRBS) to put the necessary measures in place to prevent criminals from using their system to perpetrate crime.