By Kamara Osman Faisal, GNA
Walewale (N/R), Nov. 15, GNA – Bangmarigu Community Bank in the West Mamprusi Municipality of the Northern Region has made gains as its profits jumped from GHC 3,157.00 in 2016 to GHC 108,550.00 in 2017.
The bank’s total assets also increased to GHC 9,493,176.00 in 2017 down from GHC 7,109,648.00 in 2016 whiles total deposits grew from GHC 5,102,600.00 in 2016 to GHC 6,659,597.00 in 2017.
Mr Dan Sandow, Chairman of the Board of Directors of Bangmarigu Community Bank, said this at the bank’s 16th Annual General Meeting (AGM) held at Walewale in the West Mamprusi Municipality.
He said the bank’s SUSU Product had proven to be a viable vehicle of deposit mobilization as total amount mobilized increased from GHC 256, 616, 50 in 2016 to GHC 434, 151, 66 in 2017.
Despite the strong showing, the bank’s share capital increased marginally from GHC 303,801.00 in 2016 to GHC 312,936.00 in 2017 representing a growth of 3.0 per cent, which was woefully inadequate given the fact that the bank still required a fresh injection of capital to the tune of GHC 687,064.00 on or before December 31, this year as directed by the Bank of Ghana.
Mr Sandow appealed to chiefs and people of area to take pride in sustaining the bank by buying more shares to enable it to meet the new minimum capital requirement of GHC 1,000.000.00 by the end of the year.
He complained of poor repayment of loans and appealed to all loan defaulters to pay else the bank would be compelled to publish their identities and institute legal actions against them.
Mr Kojo Mattah, Managing Director of ARB Apex Bank Limited, whose speech was read on his behalf, expressed the need for rural and community banks to strengthen their corporate governance structures to improve their operations.
Mr Mattah commended Bangmarigu Community Bank for efficiently managing its resources saying the bank placed 84th out of 142 rural banks in the country and was rated satisfactory by the Efficiency Monitoring Unit of the ARB Apex Bank.
Mr Hudu Yakubu, Administrator of the Northern Regional Chapter of the Association of Rural Banks, called on rural banks to commit to continuously upgrade their capacity, efficiency, and sustainability as well as uphold good governance and management practices for the benefit of all.
GNA
CAE/PDC
