Wamfie Rural Bank at Wamfie in the Dormaa-East District of the Brong Ahafo Region last year performed strongly.

The bank recorded 139% growth in profit before tax from GH?55,675 in 2011 to GH?142,676 in 2012, despite the provision of GH?95,456 for bad and doubtful debts made against the profit during the year under review.?

The bank posted total deposits of a little over GH?8million in 2012 as against the approximately GH?6.5million in 2011, representing a 20% growth.

Though the bank saw deposits growth last year, it did not meet their forecast. This was as a result of the depreciation of the cedi against major currencies, which discouraged savings with banks for long within the period — a situation that resulted in low liquidity in the banking system.

Mr. Solomon Oppong Twumasi, Chairman of the Board of Directors, announced this at the 31st annual general meeting of shareholders held at Wamfie. The regular and constant power outages, he mentioned, was as another factor that increased their operational cost as they had to spend more on fuel to power generating plants during the load-shedding period of the year.

The bank used to operate ?Rural Service?, a subsidiary activity which was providing opportunity for its customers to buy consumables on credit. Mr. Twumasi revealed: ?This laudable idea was suspended for some time and now the bank has recognised the need to reintroduce the system before November ending 2013.?

The Board Chairman said the bank?s share capital has been increasing over the years and he asked shareholders to increase their shares to boost the stated capital to avoid the need for a future merger or takeover by another bank.

The directors of the Bank have recommended the payment of GH?0.000363 dividend per share on 36,840,727 ordinary qualified shares — an improvement over the previous year when the bank could not pay any dividend. The total proposed dividend for 2012 is GH?13,374.

The bank continued to fulfill its corporate social responsibility within its operational area. It has sponsored the education of a medical student, Saiba Abdul-Latif, who completed in January this year. The bank also donated 100 bags of cement to Wamanafo Senior High School in support of a building project in the year under review.

By Edward Adjei FRIMPONG, Wamfie

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