THE Drobo Community Bank made a profit before tax of GH¢37,479 at the end of the 2008 financial year as against GH¢11, 777 that was recorded in 2007, despite stiff competition and the falling interest rate on treasury bills.
The Chairman of the Board of Directors of the bank, Mr T. K. Obeng, disclosed this at the 10th Annual General Meeting(AGM) of shareholders of the bank at Drobo in the Jaman South District in the Brong Ahafo Region.
He said over the same period, the bank’s deposits increased from GH¢902,907 in 2007 to GH¢1,053,980 at the end of 2008 while profits from investments in treasury bills, increased from GH¢238,720 in 2007 to GH¢357,248 during the period under review.
Mr Obeng said total assets of the bank also increased from GH¢518,445.00.
He said like most rural banks, the bank extended various forms of the assistance to those in the agriculture, cottage industries, transportation and trading sectors, as well as salary workers.
The Brong Ahafo Regional Minister, Mr Kwadwo Nyamekye-Marfo urged all loans defaulters of the bank to repay their outstanding obligations in order to make the bank viable and stronger to be in a position to offer loans to others who require the bank’s assistance.
Mr Nyamekye-Marfo noted that he was touched by the fact that the Drobo Community Bank had a scholarship scheme in place for the wards of its needy customers and therefore, appealed to the management to ensure that the selection process was made transparent.
The minister congratulated the board of directors, management and shareholders of the bank for the successes of the bank.
In a speech read on his behalf, the Managing Director of the ARB Apex Bank Limited, Mr Eric Osei-Bonsu advised the shareholders to buy more shares to increase the capital base of the bank.
The Omanhene of Drobo Traditional Area, Beyeeman Bosea Gyinantwi who chaired the meeting, stressed the importance of education and further advised the shareholders to send their children to school.
According to the bank Manager, Mr Daniel Maxwell Esiful, the bank had introduced a deposit mobilisation product dubbed “Boafo Susu” and was currently operating on a pilot basis at Drobo, Japekrom, Kwasibourkrom, Katakyiekrom and Gonasua, and would soon be extended to other surrounding towns and villages.