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Kumawuman Bank makes good progress
Posted on: 26-Oct-2013         Source: GNA
The Kumawuman Rural Bank continues to show strong performance with its total assets hitting over GH˘30.5 million at the close of December, last year.

This represented 63.4 per cent increase over the previous year’s figure of GH˘18.6 million.

Dr. Kwabena Duffuor, former Finance Minister and Board Chairman of the Bank, said the remarkable growth was largely driven by the sharp rise in deposits.

Its deposits had shot up to GH˘22.3 million from GH˘15 million during the period.

Dr. Duffour said this in an address read for him at the bank’s 20th annual general meeting of the shareholders held at Kumawu in the Sekyere Afram Plains South District.

He informed the meeting that its short term investments grew by 35.4 per cent from GH˘5.2 million to GH˘7 million, and loans and advances also climbed from GH˘9.4 million to GH˘11.5 million.

Dr. Duffour said the significant income growth impacted favourably on the profit before tax, which grew by 37.3 per cent from GH˘609, 345.00 to GH˘836,847.00.

The bank has been alive to its corporate social responsibility, supporting community development projects and scholarship award to brilliant but needy students, and so far, eighty-five students in Senior High Schools (SHS) and tertiary institutions have benefitted.

The Managing Director of the ARB Apex Bank, Mr. Kwadwo Aye Kusi, advised rural and community banks to continue being innovative and introduce new products to sustain their operations, adding that, they should also strengthen internal controls and risk management.

Dr. Nana Akowua Boamah, President of the Ashanti Regional Chapter, Association of Rural Banks, gave high marks to the bank for the impressive performance and urged the directors and management to maintain strict discipline.

Nana Peprah Koduah IV, acting President of the Kumawu Traditional Council, encouraged loan beneficiaries to re-pay within schedule to enable others to enjoy the facility, and that, shareholders should also increase their shareholdings to raise the capital adequacy ratio.

The bank rewarded 14 of its workers with cash prizes and certificates for long service.