DESPITE the rapid depreciation of the cedi, high inflation rate in the first half of 2009, coupled with a decline in financial inflows and remittances from abroad as a result of the world economic downturn, the Capital Rural Bank at Abesim, near Sunyani, made significant progress in 2009.
The bank was able to record a net profit of GH¢245,610 in 2009 as against GH¢106,286 in 2008.
The Chairman of the Board of Directors of the Bank, Dr E. Yaw Peprah-Agyemang, announced this at the bank’s fifth annual general meeting (AGM) at Abesim.
He said shareholders’ funds rose from GH¢363,064 in 2008 to GH¢542,085 in 2009, while the bank’s total assets in 2009 amounted to GH¢4,511,425 as against GH¢2,964,828 in 2008, with the total deposits growing to GH¢3,365,542 as against GH¢2,273,765 during the same period.
Dr Peprah-Agyemang stated that the total investments of the bank also amounted to GH¢905,540 in the year under review compared with GH¢452,978 recorded in 2008.
He said the bank’s total income jumped from GH¢670,685 in 2008 to GH¢245,610 in 2009, while the total credits amounted to GH¢2,361,926 as against GH¢1,872,536 in 2008.
Dr Peprah-Agyemang said the bank would continue with the implementation of its scholarship scheme for needy but academically promising and deserving students for the pursuit of tertiary education programmes.
He said the scheme, which was in its third year, was taking care of seven university students in public institutions in the country, adding that in the 2010/2011 academic year, three more scholarships would be offered since the bank attached serious importance to education.
The board chairman said the scholarship scheme was opened to the children and wards of all shareholders and customers of the bank.
He, therefore, urged all parents and guardians to have suitable accounts for their children and wards so that they would be in a good stead to enjoy the bank’s scholarship scheme.
Dr Peprah-Agyemang stated further that the bank’s affordable housing project was still in force, using innovative mortgages to finance the development of beautiful and affordable homes for many families at Capital Premier Estates, just off the Abesim-Tanoso road.
He added that the first batch of beneficiaries had taken up residence and many more were under construction, saying the high quality and eco-friendly homes that the bank had supported were the first of their kind in the region.
Dr Peprah-Agyemang said the bank had also put in place a financial literacy education programme to help customers to plan and manage their finances better now and in the future.
He gave the assurance that the bank would continue to provide easy access to credit at attractive interest rates for customers to expand their businesses.