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Brakwa Breman Rural Bank continues to make significant progress

Breman Asikuma (C/R),
June 18, GNA – The Brakwa Breman Rural Bank Limited made a net profit before
tax of GH¢136,528.00 in 2016 as against GH¢100,089.00 in 2015 representing 36
per cent increase.

Mr Anthony Effah, the
Chairman of Board of Governors, disclosed this at the 32nd Annual General
Meeting (AGM) of the Bank at Breman Asikuma in the Central Region.

The shareholders,
during the AGM, passed a resolution authorising the directors to transfer an
amount of GH¢200,000.00 from the Bank’s Income Surplus Account to its Capital
Account.

The chairman was
retained to continue with his immense contributions towards the growth of the
bank while Mr Felix Oweradu Beadu from Breman Asikuma and Mr Frank E. Antwi
from Brakwa were elected to replace two board members whose tenure of office
had expired after serving for three years.

Mr Effah said the
bank’s total income less total interest expenses stood at GH¢3,077,442 in the
year under review compared to GH¢2,587,182 in 2015 representing 19 per cent.

He said deposits
increased from GH¢6,762,745.00 in 2015 to GH¢9,057,001.00 in 2016 representing
34 per cent growth.

Mr Effah, who is also
the Member of Parliament for Asikuma-Odoben-Brakwa, said the achievement was
due to a supplementary aggressive deposit mobilisation strategy adopted by the
bank adding that it did pay competitive interest rate on its deposits.

The total assets of the
bank also increased from GH¢8,871,301 in 2015 to GH¢11,788,036 in 2016,
representing 33 per cent growth with its investments also growing by 30 per
cent from GH¢1,750,000.00 in 2015 to GH¢2,270,942 in 2016.

The Net Loan and
Overdraft granted to customers grew by 21 per cent from GH¢ 4,485,286.00 in
2015 to GH¢5,429,980 in 2016 due to expansion in the bank’s Women in
Development (WID) programme.

Mr Effah announced
that the board had increased the WID loan from GH¢5,000.00 to GH¢ 7,000.00 per
cycle and urged women customers to take advantage of this to expand their
business.

In an attempt to meet
the GH¢1,000,000.00 share capital target by the Bank of Ghana, the bank has
launched the second edition of share promotion to end in December 2017 with a
raffle draw.

Winners will take home
Tricycle-Aboboya, television sets, refrigerators and rice cookers, Mr Effah
said, and appealed to all customers to take part.

Mr. R. Acquah Arhin,
the Central Regional Chairman of Rural Banks, commended the board and
shareholders for working hard to earn this achievement.

Mr Kojo Mattah, the
Managing Director of the ARB APEX Bank Limited, in a speech read on his behalf,
applauded the board, management and staff of the Brakwa Breman Rural Bank for a
successful year.

He said the report by
the Board Chairman was sufficient evidence of the effective and efficient
management of the bank’s resources and expressed the hope that it would
continue to chalk greater success in the years ahead.

GNA

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