Kumawuman Rural Bank exceeds target


By: Kenneth Nsiah Yeboah, Kumawu

The Board Chairman of the Kumawuman Rural Bank, Dr. Kwabena Duffour, a former Governor of the Bank of Ghana, has stated that the bank, has exceeded the GH¢1 million capital requirement of the BoG by GH¢80,725,477.

Dr. Duffour, made the statement at the bank’s 26th Annual General Meeting at Kumawuman in the Ashanti Region, where the bank has its headquarters, last Thursday.

To further shore up the bank’s financial figures, he urged current shareholders of the bank to buy additional shares, while encouraging potential shareholders to have confidence in the bank to give them the best deals always.

He added that for the year under review, the bank’s total assets increased from Gh¢6,259,854 in 2017 to GH¢6,886,975 in 2018.

During the same period last year, he said the bank granted loans and advances of GH¢23,715,588 in 2018 compared to GH¢079,315.

The Bank Board Chairman, said the bank’s profit after tax for the period under discussion decreased from GH¢996,931 in the year 2017 to GH¢590,249 in 2018.

The Managing Director of Association of Rural Bank ARB Apex Bank, Mr. Kojo Matta, gave the assurance that the BoG, would not consider dissolving any rural community bank, and as such has encouraged the bank’s shareholders to continue doing business with the bank.

He advised the staff of the bank to work hard, and thoroughly the background of loan applicants before granting them loans.

The Kumawumanhene, Barima Tweneboa Kodua II, expressed his satisfaction with the bank for insulting an Automated Teller Machine (ATM) since it was going to make it early for customers to get money and speedily too.

He said he was glad also that in spite of the turbulence in the financial sector over the past two years, the bank had not seen affected in any way.

Barima Kodua, therefore, praised the board and management for their sense of duty and commitment.

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