Source: Biiya Mukusah Ali/http://newspaper.developghana.com/
CAPITAL RURAL BANK HOLDS 10TH ANNUAL GENERAL MEETING OF SHAREHOLDERS IN SUNYANI
The Capital Rural Bankâ€™s Net Profit before tax, increased from 593 thousand, 083 Ghana Cedis in 2013 to 600 thousand, 294 Ghana Cedis in 2014, representing an increase of one percent. Â Again, shareholders funds rose from two million, 148 thousand, 396 Ghana Cedis in 2013 to two million, 178 thousand, 784 Ghana Cedis in 2014, representing an increase of one percent. These were made know by the Chairman of the Board of Directors of the Bank, Dr. Yaw Pepra- Agyemang at the 10th Annual General Meeting of Shareholders held at Abesim, near Sunyani. According to Dr. Peprah-Agyemang, the Capital Rural Bankâ€™s total assets in 2014 amounted to 13 million, 891 thousand, 96 Ghana Cedis as against 14 million, 218 thousand, 54 Ghana Cedis, representing a decrease of two percent. He said the Bank witnessed an eleven percent decline in investments from three million, 52 thousand, 254 in 2013 to two million, 715 thousand, 192 in 2014. He noted that the year 2014 has been a particularly difficult year and the Bank failed to stand out and perform as exceptionally well as expected. He said despite the fact that the financial industry has become extremely challenging, Capital Rural Bank is leaving no stone unturned in its bid to remodel, re-strategise, innovate, develop and maintain product services that are relevant to the needs and aspirations of the people in its operational areas. Touching on some major developments in the Bank, the Board Chairman said in collaboration with the ARB Apex Bank has instituted the phone alert system whereby customers who subscribe to the system can receive text messages alerting them on happenings in their accounts. Dr. Peprah-Agyemang noted that the Bank continues to implement its scholarship scheme for the needy but brilliant students in the pursuit of tertiary education adding that as at now, the scheme is sponsoring eight students in public universities. He commended the staff for their dedication to duty despite the challenging economic times and tasked them to be at their innovative best to boost the growth of the Bank. The General Manager of the Bank, S. Y. Adu-Yeboah, in his remarks noted that the Bank has instituted a microfinance scheme called, Credit, Savings with Education designed to offer small and medium scale enterprises financial support to expand their businesses. He said the biggest challenge for rural Banks is the competition from microfinance institutions that offer between 120 percent to 500 percent interest per annum and called for pragmatic policies and programs to mitigate the effects of the challenge.