The Mumuadu Rural Bank Limited at Osino in the Fantiakwa District of the Eastern Region has held its 23rd Annual General Meeting of shareholders at the Osino Presbytarian Church.
The Bank registered a satisfactory growth in almost all the financial indicators, in spite of the very challenging macro-economic environment in which the Bank operated during the 2010 year under review.
During the period under review, the Bank operated within an economic environment in which fiscal discipline resulted in a reduction of year-on-year inflation, a relatively low interest rate regime, and a stable foreign exchange rate.
Even though there was a decline in the interest rates, prudent and innovative measures adopted by the Board and Management ensured that the Bank did not suffer any significant adverse impact. The Bank for the period under review saw its balance sheet grow by 45.6% from GH´┐Ż9.19m to GH´┐Ż13.38m. The Bank´┐Żs deposit base also expanded by 42.78% to GH´┐Ż9.70 from GH´┐Ż6.79m, which is an indication of the Bank´┐Żs competiveness in deposit mobilisation.
These and more were contained in a report delivered by the Chairman of the Board of Directors, Mr Seth Adom-Asomaning, during the Bank´┐Żs 23rd Annual Shareholders´┐Ż Meeting held recently.
The Bank recorded GH´┐Ż7.21 in advances for the year 2010, as against GH´┐Ż5.01million in the previous year. Total investment on Treasury bills increased from GH´┐Ż1,229,218 in 2009 to approximately GH´┐Ż2.7m - representing a growth of 139.11%. A total of about GH´┐Ż8.1million worth of cocoa was purchased through Akuafo cheques as compared to approximately GH´┐Ż4.2million bought for the previous year.
The Bank continues to offer assistance to communities and institutions within its operational territories in terms of community development projects. A total amount of GH´┐Ż17,462 was spent in this direction.
Areas that benefitted include education, health, security, sports, district farmers´┐Ż day celebration and scholarship awards to needy but brilliant students who hail from the Bank´┐Żs operational territories.
The Directors of the Bank recommended a dividend payment of GH´┐Ż0.02 per share to each shareholder for 2010.
The Board chairman disclosed to the shareholders that Fantiakwa District Assembly has allocated space for construction of the Bank´┐Żs permanent offices in the new market complex. He said the architectural designs for the project are ready and the technical details are being considered by the Board and architects. He added that the Board is in the process of negotiating a fixed asset loan from the ARB Apex Bank to finance the project.
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