RURAL BANK MAKES PROGRESS (PAGE 35, AUGUST 3, 2010)

THE North Volta Rural Bank (NVRB) with headquarters at Guaman-Buem in the Jasikan District in the Volta Region has made an improved profit of GH¢201,012 in the last financial year as against GH¢128,785 in the previous year
The bank also recorded growth in all portfolios in respect of deposits mobilisation, investments in treasury bills and also exceeded all statutory requirements with the ARB Apex Rural Bank Limited.
For example, the bank registered 18.7 per cent of primary reserves as compared to the required eight per cent, secondary reserves of 59.72 per cent as against 30 per cent and capital adequacy ratio of 37.5 per cent compared to the 10 per cent required by the central bank.
The bank’s performance in 2009 was consistent over the four quarters such that it has been rated first in the strong category jointly with the Bawjiase Area and Kintampo Rural Banks under the weighted average scoring for composite ratings of the 131 Rural and Community Banks (RCBs) in the country by the Efficiency and Monitoring Unit (EMU) of the ARB Apex Bank Limited.
This was contained in an address of the Board Chairman, Dr Patrick Ata, which was read on his behalf at the 16th annual general meeting held at Guaman-Buem last weekend.
He said the bank fulfilled its economic activities in its operational areas by granting loans to 773 individuals in the agricultural sector, two in transport, 584 individuals in trading and 566 salaried workers.
Dr Ata said the bank had proposed to pay GH¢20,000 as dividends to its shareholders which were higher than the GH¢12,000 paid to them in the previous year.
Those achievements, he said, might trigger an influx of investment with a view to enjoying the emergence of prosperity with the bank, stressing that the higher dividends paid were encouraging and reiterated the call for further investment with the bank.
“Recovery of overdue loans, maximisation of profits and vigorous mobilisation of deposits should be given the much needed attention,” Dr Ata stressed.
He noted with delight that the NVRB formerly known as the Guaman Rural Bank, had survived several economic recessions and had expanded to the four cardinal points of the northern sector of the Volta Region.
Dr Ata said the bank provided reliable services at agencies located at Jasikan, Kadjebi, Dambai, New-Ayoma, Tapa-Abotoase, Dodi- Papase and Nkwanta.
The Deputy Minister of Lands and Forestry, Mr Ford Kamel, observed that the growth of the bank from strength to strength was a sign of consolidating efforts over the years.
He asked the people to identify themselves with the bank to enable them to leave a legacy for younger generations, adding that although the bank had expanded enough, there was still much to be done about the involvement of people in the local area.