SHAMA: Lower Pra Rural Bank holds 23rd AGM..

Ghana cedi notes

 The Lower Pra Rural Bank, in the Western Region, made a profit of GHC 828,232, before tax, in 2010 as against GHC534,454 in 2009 representing an increase of 55 percent.
   

The Chairman of the Board of Directors of the bank, Mr Nathaniel
Arthur made this known at the bank’s 23rd Annual General Meeting in
Shama, at the weekend.

He said the bank’s total assets stood at GHc21, 441,752 as at 31st December 2010, as against GHc16, 095,440 in 2009, seeing an
increase of 33 percent.

 The Board Chairman noted that the bank mobilized a total of
GHc18, 039,588 deposits as against GHc12,951,243 in 2009, an increase of 39 percent, adding that, it disbursed GHc9, 598,789, as loans to its clients, representing a 42 percent increase.

Mr Arthur noted that, the bank’s shareholders’ fund stood at
GHc2, 881,193 in 2010 as against GHc2, 493,584 in 2009, representing an increase of 15 percent.

He said the bank granted loans totalling GHc378, 088.41 to women
groups, which had contributed to the growth of the bank.

  “The bank introduced the traditional Susu scheme to assist people
living within our catchment area.

This has enabled them to solicit for loans at a reasonable interest rate. The total loans and savings as at December 31, 2010 for Susu contributors amounted to GHc4,003.464 and GHc2,900.866 respectively”, he said.

  Mr Arthur said the bank had embarked on several community
development projects, such as the expansion of the Out Patients
Department (OPD) of the Shama clinic, building a kitchen for the Shama Senior High School, provision of books, computers, and building materials to primary and junior high schools in the area.

He said the projects had brought comfort and relief to patients,
teachers, pupils and the general public.

The Board Chairman said the bank had established an education
scholarship scheme for the wards and children of stakeholders of the
bank, and so far, 82 students had benefitted from it, to the tune of
GHc30,500,

He urged beneficiary students to study hard to become responsible
adults, adding that, it had provided employment opportunities to the
different social classes in the region.

GNA/AAF.