Bosomtwi Rural Bank makes strides

The Bosomtwi Rural Bank recorded a profit in its operations in the 2009 fiscal year.

Pre-tax profit of the bank increased to GH¢576,235.37 in 2009 representing a 31.3 percent over the 2008 performance which was GH¢395,694.21.

Deposits of the bank also grew from GH¢2,944,690.10 in 2004 to GH¢3,778,309.51 in 2009 representing a 231 percent increase in total assets while their total assets grew from GH¢ 3778,309.51 in 2004 to GH¢12,283,360.38 in 2009 showing a percentage increase of 225.

These revelations were made known during the bank’s annual general meeting (AGM) at Kokofu in the Ashanti Region.

Addressing share holders, journalists and staff of the bank, the board chairman of the bank, Musa Salisu, described the increases as “remarkable and dramatic” contrary to assertions in certain quarters that the bank was collapsing.

He noted that despite the numerous challenges experienced in the economy during the period under review, the bank was able to sail through favourably, adding that as at June 2010 the bank had made a profit of  GH¢400,193.52.

The challenges, he noted, included the upward adjustments of petroleum products with its ripple effects; the fall out of crisis in the form of decline in international commodity prices; and the dwindling consumer demands, among others.

“While the global financial crisis was raging, the local economy was also smarting under its own heft knocks. High food and crude oil prices conspired to fuel inflation which went up as high as eighteen percent at the end of the year”, he said.

Mr Musa Salisu said the board would continue with its prudent strategies and policies aimed at sustaining growth and development of the bank.

He said the bank would intensify loans recovery, deposit mobilization and maintain quality assets to increase profitability adding that, human resource development would continue to be high on the bank’s agenda.

The Kokofumanhene Barima Offei Akwasi Okogyeasuo II commended the bank for the good work done in the year under review, advising them not to relent at all in their quest to provide quality banking services to the people.

He also warned all his sub-chiefs to open accounts with the bank to ensure development in the area or face destoolment.

STORY: FROM JAMES APPIAKORANG JNR., KUMASI