ADHANTAMAN RURAL BANK POSTS IMPRESSIVE RECORD (PAGE 55, JULY 15, 2010)

THE Ahantaman Rural Bank, with 10 branches in the Western Region, has posted an impressive profit in its operations at the end of the 2009 financial year.
The bank’s profit before tax stood at GH¢451,342 representing 23 per cent increase from that of the 2008 financial year.
The total assets of the bank went up by 63 per cent while investments for the bank during the same period under review rose by 68 per cent within the same year.
The Chief Executive Officer of the bank, Mr John Dadzie, speaking at the 22nd annual general meeting of the bank, said the main focus of the bank was to develop the institutional growth of the bank and to enforce internal control and monitoring mechanism as well as to be abreast of the usage of Information Technology (IT) infrastructure.
Mr Dadzie said the bank would also focus on the development of its wide area networking of all its branches across the region to make the bank and its products more accessible to its customers.
He said as part of its expansion drive across the region, the Tarkwa branch would be opened for operations by the end this year.
The Manager of the Takoradi Branch of Apex Bank, Mr Kweku Acheampong Ababio, commended the Ahantaman Rural Bank for its sterling performance and said after the successful participation in the Newgen Software Technologies training programme, the bank had been able to enhance its operational activities.
On the issue of mergers of rural banks, the branch manager said apart from the co-operative mergers that would strengthen the rural banks, they had to look at how they could develop a niche market through the strengthening of micro-finance businesses of rural banks.
Mr Ababio said micro financing by rural banks would improve their loan portfolios and reduce the high incident of default, a situation where small amounts were given to several people instead of extending several amounts to an individual or entity.
He said effective micro-finance activities could also attract the attention of donors interested in the advancement of micro finance and this could further influence donors to channel financial and non-financial assistance to support rural and community banks to achieve their key objective of reducing poverty in the rural areas.