Brakwa Breman Rural Bank continues to rise

Ajumako (C/R) – The Brakwa Breman Rural Bank Limited has applauded its shareholders for their continuous support and understanding as they continue to make untiring investments into the capital base of the bank.

Mr. Anthony Effah, Chairman of the Board, who made the commendation in his report at the 34th Annual General Meeting (AGM) held at Ajumako said, the paid up capital of the bank increased to GH?1,045,041.00 in 2018 from GH?1,032.641.00 in in 2017, representing 1.20 per cent upward.

He announced that the net worth of the bank also rose from G,566,485.00 in 2017 to GH?1,703,932,00 in 2018 financial year, indicating an increase of 8.77 per cent while the return on Equity improved from 8.70 per cent in 2017 to 10.75 per cent in 2018.

He stated that during the year under review, profit of the bank before tax also improved from G36,369.00 in 2017 to GH?183,199.00 in 2018, while its assets decreased from GH?16,142,878 in 2017 to GH?16,032, 191.00, a reduction of 0.69 per cent.

According Mr. Effah, who is also the Member of Parliament for Asikuma-Odoben-Brakwa Constituency, the total deposits of the bank recorded an improvement of 8.11 per cent with GH?11,537,328.00 in 2017 to GH?12,241,843 in 2018 while the net loans and overdrafts facilities increased from GH?6,149,991.00 in 2017 to GH?7,013,157.00 in 2018, representing 14.03 per cent increase.

He said the bank made the required provision against its delinquent loans, however, provision for bad debt increased from GH?341,688.00 in 2017 to GH?413, 688.00 in 2018, compelling the bank to set up a recovery unit to ensure that delinquent loans were brought under control.

Mr. Effah assured that, Management and the Board of Directors were working assiduously to recover all overdue loans in order to improve on the fortunes of the Bank.

The Board Chairman said the bank continued to exercise its cooperate social responsibility in communities in its catchment areas and stated that during the period under review it supported the AOB district farmers and the ARB Central Regional Chapter.

Following the implementation of the reforms after the restructuring of the Susu operations, Deposits and Loans, the Susu had picked up considerably, shoring up growth in deposits.

He said deposit mobilization remained the key cornerstone of any banking endeavor, and that the Brakwa Breman Rural Bank was still strong in the mist of all the challenges, and was offering competitive rates to prospective investors and shareholder alike.

Our desire to create wealth and value for money for our shareholders remain undented, the bank has applied to the Bank of Ghana to expand our operations to other areas in the Central Region.

He said the bank would continue to place premium on staff training and development to position the bank’s human resource capital to improve productivity as well as promoting deserving staff who had performed creditably on the job.

He therefore implored the staff to be selfless in their approach to work so that productivity will be greatly improved for all stakeholders.

Source: Ghana News Agency