The Mumuadu Rural Bank made a profit of GhC2.1 million last year, an increase of 39.9 per cent over the profit made the previous year.

The bank therefore declared a dividend of GhC0.028 per share.

This was announced by Mr. Seth Adom-Asomaning, Chairman, Board of Directors of the Bank, at the 29th Annual General Meeting of shareholders at Osino.

He said despite the strong competition in the banking industry last year, the Mumuadu Rural Bank grew its income from GhC10.2 million in 2015, to GhC13.3 million, representing an increase of 30.78 per cent.
The Bank’s deposits increased from GhC 25.7million to GhC 33.4 million by December 2016.

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Mr Adom-Asomaning said the advance portfolio of the Bank also grew from GhC20million to GhC22.8 million, an increase of 13.8 per cent, while total assets grew from GhC36million to GhC48.3million, an increase of 34.2 per cent.

He described the Bank’s microfinance sector as the soul of its operations; adding that GhC10million was invested, which he said has very encouraging returns.

The Bank, he said, would introduce the use of Automated Teller Machine (ATM) at all branches.

Mr Kojo Mattah, the Managing Director of the ARB APEX Bank, in a speech read on his behalf, commended the management and shareholders of the Bank for their performance over the years, which had made it to operate profitably.

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He said the ARB Apex Bank had entered into agreement with telecommunication companies, MTN and Airtel to use the facilities of the ARB Apex Bank, and Rural and Community Banks (RCBs) in their mobile money transfers for enhanced commissions.

The ARB Apex Bank, he said, was also concluding agreement with selected institutions such as the Ghana Education Service, Ghana Broadcasting Corporation, in the development and deployment of computer software for collection of fees and documents on their behalf for a fee.

The Member of Parliament for Fanteakwa South, Mr Okyere Agyekum, called on entrepreneurs in the area to come out with proposal for the establishment of a factory in the District, under the government’s one district one factory policy.

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The District Chief Executive for Fanteakwa, Mr Charles Oware Tweneboah, appealed to the Bank to establish more branches in the District to offer the much needed financial support to the people.

Source: GNA/Newsghana.com.gh