ANLO RURAL BANK HOLDS AGM (PAGE 27)

The Anlo Rural Bank declared GH¢32,711 in the last financial year as against GH¢3, 927 in the previous year.
Total income also grew from GH¢172,607 in 2007 to GH¢227,862 in 2008 with deposits and current accounts increasing from GH¢882,869 to GH¢1,032,153 within the same period.
The bank also recorded growth in its total assets from GH¢1,420,355 to GH¢1,673,758 within the same financial year while shareholders funds also increased from GH¢223,818 to GH¢256,530.
The Chairman of the Board of Directors of the bank, Mr W.E. Fugar, announced this at the eighth annual general meeting of shareholders at Anloga.
He said notwithstanding many challenges, the bank recorded those appreciable growths, adding that the spiralling increase in the price of crude oil and food prices, the credit crunch and the prolonged parliamentary and presidential elections were some major events that affected the banking industry in the country.
He also said inflation increased to 17 per cent by the close of the year and that the cedi depreciated by 26.4 per cent and 20.9 per cent against the US dollar and the Euro respectively.
He also said the bank had to grapple with certain non-performing loans, resulting in increased provision for bad and doubtful debts that increased from GH¢38,917 in 2007 to GH¢44,585 in 2008.
It, however, became evident that MASLOC funds made available through the bank for 105 people were collected by three persons who allegedly used fake documents to access the loan.
Some other shareholders said the blame should rather be put on the credit control committee because they had woefully failed to handle their schedules.
Mr Fugar said in order to cope with the challenges of the credit crunch, there would be many operational challenges such as the rolling out of a “susu’ scheme towards the achievement of the right balance between loan expansion and investments, adding that major efforts would also go into cost control, which would lead to significant growth in profit of the bank.
In an address, the President of the Volta Region branch of the Apex Rural Bank(ARB), Mr Francis Kwami Akoto, explained that despite the galloping growth in the profit margin of the bank, it was not possible to grant dividends to shareholders because it was not permitted by law.
He said the bank had really resurrected in view of its negative past and said it had become a leading institution occasioned by the sterling qualities of board members.