Eric Osei-Bonsu Managing Director of ARB Apex Bank Limited
The Lower Pra Rural Bank Limited made a net profit before tax of 828,232 Ghana Cedis as at December 31, 2010 as against 534,454 Ghana cedis realised in 2009. An increase of 55 percent.
Total Deposits of the Bank also rose from 13 million Ghana Cedis in 2009 to 18 million Ghana Cedis in 2010 representing 38 per cent increase.
Mr. Nathaniel Arthur, Chairman of the Board of Director of the Bank disclosed this at the 23rd Annual General Meeting (AGM) held at Shama in the Western Region on Saturday.
He said the increase was an indication of the Bankâ€™s vigorous deposits mobilisation drive and extend of patronage by the communities.
Mr. Arthur said during the year under review, the bank granted loan Advances totaling 12.95 million Ghana Cedis to its customers as against 7.5 million Ghana Cedis granted in 2009, an increase of 72.69 per cent.
He said the bankâ€™s total Assets went up to 24.1 million Ghana Cedis in 2010 as against 16.1 million Ghana Cedis in 2009, an increase of 33 per cent.
Mr. Arthur said the Bankâ€™s investments in Treasury Bills also rose from 5.3 million Ghana cedis in 2009 to 6.9 million cedis in 2010.
He said under the Bankâ€™s Women In Development Programme, the Bank granted loans totaling 378,088 Ghana cedis to the women groups to expand their businesses.
As regards community development, Mr. Arthur revealed that the Bank supported communities in its catchment area in the fields of education, health, community initiative projects and others to the tune of 119,792 Ghana cedis.
In addition, the Bank donated electrical materials paints, bags of cement, textbooks and personal computers to Primary and Junior High Schools in the area to facilitate and enhance teaching and learning.
Mr. Arthur said the Bank further provided a kitchen to the Shama Senior High School and also offered scholarship to 82 students mostly children and wards of shareholders since the Bankâ€™s scholarship scheme was instituted about eight years ago.
The Bank paid a total amount of 265,440 Ghana cedis as dividends to shareholders. Mr. Arthur disclosed that the Bank has been selected among Ghana Club 100 â€“ the Best 100 companies in Ghana.
Mr. Eric Osei-Bonsu Managing Director of ARB Apex Bank Limited commended the Board, Management and staff for their exemplary and transformational visionary leadership which has made Lower Pra Rural Bank one of the leading rural banks in the country and the leading bank in the Western Region.
He reminded rural and community Banks in the region that with the oil discovery, there was going to be keen competition as all financial institutions in the region were going to revamp their operations to take advantage of the business boom as a result of the oil business.
Mr. Osei-Bonsu therefore urged the rural Banks to exploit all the opportunities available to maximize their share in the oil business.