The Asante Akim Rural Bank in its quest to ensure customer satisfaction and to survive the growing competition in the banking industry has re-packaged some of its products.
To this end, the bank's funeral loan called "Abusuapanin Anidasoo" is now opened to all customers and can be accessed within 24 hours but must be paid immediately after the funeral at a reasonable interest rate.
Salaried workers who have outstanding loans but are compelled to borrow to settle school fees and other medical bills which are not covered under the National Health Insurance Scheme (NHIS) can also be provided with additional credit.
Mr. Francis Opuni Sekyere, Board Chairman of the bank, announced this at the bank's 22nd Annual General Meeting held at Juansah near Agogo in the Asante Akim North Municipality.
He said the bank would soon embark on outreach banking services in communities where it had no branches to expand its customer base.
Presenting the bank's operational performance for the year ended December 31, 2008, Mr. Sekyere said the bank's total deposits increased by 12.4 percent from GH�4,329 million to GH�4,867 million, with savings deposits constituting 68 per cent.
He attributed the achievement to major improvement in the bank's savings mobilisation drive which he said depicted the confidence customers had in the bank.
The Board Chairman further revealed that the bank recorded profit before tax of GH� 188,886.51 which fell short of the previous year by 24.75 per cent, indicating that it was due to increase in default rate resulting in huge bad debt of GH�86,465.30.
He said the bank's paid up capital increased by 43. 54 per cent from GH�118,052 to GH�169,453, thereby exceeding the new minimum statutory paid up capital of GH�150,000 set out by the Bank of Ghana for rural and community banks.
Mr. Yaw Sarpong, a representative of ARB Apex Bank, said the bank's reduction in profit during the year under review as against the previous year should challenge them to improve on their performance in subsequent years.
He appealed to the board and management of the bank to take concrete steps to reduce the bad debt and take legal action against recalcitrant defaulters to recoup monies owed the bank.
Mr. Dapaah Siakwan, President of Ashanti Chapter of Association of Rural Banks, lauded the relationship between the bank and its shareholders and urged the bank not only to focus on profit but also the interest of shareholders.
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