The Main Government Officer of the Upper Manya Kro rural lender, Andrew Akyampong has suggested economical institutions in the state to adequately capitalize to control the surge in panic withdrawals in the banking sector.
In accordance to him, the rural bank has survived the banking sector turmoil which saw a lot of economic establishments fold up simply because ‘they selected liquidity in excess of profitability’.
Mr.Akyeampong was talking on the sidelines of the 35th Annual Common Meeting of the Higher Manya Kro rural lender at Asesewa in the japanese region.
The banking sector was strike with stress withdrawals following the collapse of some indigenous banks within just a house of 12 months when Lender of Ghana embarked on a thoroughly clean-up of the economical sector.
Most banks ran into liquidity difficulties, though some, according to the Central bank, acquired operational licenses under unlawful suggests.
Mr. Andrew Akyampong claims banking institutions that survived and have remained buoyant since they slowed down on credit history and ensured they had more than enough liquid cash.
The board chairman of the bank mentioned the bank recorded a 20 % development in overall revenue from GH¢11.7million in 2017 to GH¢14.0million in 2018.
Photo: Premises of the rural bank
James Kwame Otieku, famous that operations cost also went up 25.4 % in 2018 compared to the 4.9 % recorded in 2017.
He additional that complete property grew 7.14 percent from GH¢48.6million in 2017 to GH¢52.1million in 2018, whilst profits surplus observed an 8.6t % expansion from the earlier year’s GH¢2.99million to GH¢3.25million past year.
On top of that, full deposits recorded an 8.3 percent expansion among 2017 and 2018 even though full financial loan and overdraft disbursement in 2018 amounted to GH¢41.8million, symbolizing an enhance of 3.5 p.c around the 2017 determine of GH¢40.4million.
Mr. Kwame Otieku appreciated the attempts of management and staff in recording this year’s modest advancement, presented the rigid competition in the deposit mobilization house in recent a long time.
He disclosed that the bank used GH¢77,543 on corporate social duty, which goes to exhibit its dedication to host communities.