The Agona Rural Bank recorded a net profit of GH˘58,123 in 2011 as against GH˘20,399 in 2010, representing 184. 9 percent increase.
The bank’s total deposit increased from GH˘1,615,950 in 2010 to GH˘2,251,450 in 2011.
Major Ben Donkoh (retired), Chairman of the Board of Directors of the Bank, made this known at the 26th Annual General Meeting (AGM) of the shareholders at Agona Kwanyako in the Central Region.
The bank’s savings mobilization improved from GH˘3,162,918 in 2010 to GH˘4,100,518 in 2011, representing an increases of 29.6 per cent.
Major Donkoh announced that the shareholders had approved a merger with Breman Brakwa Rural Bank to improve capitalization operations of the two banks.
He said the consultant contracted by ARB Apex Bank with Danish International Development Agency (DANIDA) on the merger, has submitted its report for the two banks to commerce business soon.
Major Donkoh made strong appeal to Metropolitan, Municipal and District Assemblies to consider buying shares in the rural banks to enhance their financial operations.
He said, “Owning shares in the rural banking industry would support them to perform their roles efficiently as an engine of growth of the rural economy”.
According to Major Donkoh, the District Assemblies Common Fund was set up by the government for socio-economic development of the rural Area and to narrow poverty gap between urban and rural folks.
He renewed the appeal to the Minister of Local Government and Rural Development and central government to consider allowing rural banks to manage the District Assembly Common Fund instead of the commercial banks.
Mr Richard Mettle Addo, head, research and marketing of ARB Apex Bank in a speech read for the Acting Managing Director of the bank, Mr Duke Osam-Duodu, said Apex bank in collaboration with the DANIDA had established rural finance to support merger of rural banks.
Mr Kweku Acquaah, President of Central Regional of Association of rural banks, appealed to shareholders to buy more shares to increase the bank’s share capital.