THE ADANSI Rural Bank (ARB) Limited last year granted loans totaling GH ¢2.9 million as against GH ¢2.8 million in 2008, representing an increase of 3.2 per cent. An amount of GH ¢0.92 was also granted under the bank's credit scheme.

Mr. Ahmad Kwame Boakye, Board Chairman of the bank, who announced this at the bank's 20th Annual Shareholders' meeting at Fomena at the weekend, was however unhappy that loan beneficiaries were not paying back loans granted them.

The occasion also coincided with the official opening of the bank's new head office building complex.

He, therefore, appealed to loan defaulters to repay their loans, to avoid any court action that would be taken against them.

The Board Chairman added that the bank recorded a profit before tax of GH ¢306,580.72 in 2009, as against GH ¢268,572.03 in 2008, representing an increase of 14.0 per cent.

He added that the bank's shareholders fund also increased from GH ¢995,658.13 in 2008, to GH ¢1,249,581.76 in 2009, while its Stated Capital increased from GH ¢172,940.77 in 2008, to GH ¢184,737.52 in 2009, representing an increase of 7.0 per cent.

Mr. Boakye added that the bank's total deposits also increased from GH ¢4.6 million in 2008 to GH ¢5.9 in 2009, while its total assets rose from GH ¢6.1 million in 2008, to GH ¢8.1 million in 2009, also representing an increase of 33.7 per cent.

Although the bank, according to the Board Chairman, had been able to meet the Bank of Ghana's prudential capital requirement of GH ¢150,000, there was the need for the stakeholders to buy more shares. The Vice President of the Ashanti Region chapter of the Association of Rural Banks, Mr. Johnny Owusu-Boadi, commended the stakeholders for their contributions towards the growth of the bank.

He was happy that rural banks within the Ashanti Region were playing leading roles in the enhancement of the rural and community banking industry in the country.

Mr. Owusu-Boadi, who is also Board Chairman of the Odotobri Rural Bank, added that rural banks were not only profit conscious, but also alive to their social responsibilities for the benefit of the communities within they operate.

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