Story: Mary Ankrah
THE Ga Rural Bank Limited has increased its annual turnover from GH¢1.643 million in 2010 to GH¢2.12 million in 2011. The increase is 28.75 per cent.
The bank also posted a profit after tax of GH¢ 247, 435 in 2011 compared to the GH¢ 211,756 that it recorded in 2010.
Total assets of the bank increased from GH¢10.295 million to GH¢13,329.014, representing an increase of 29.48 per cent.
The increase was mainly as a result of loans and advances which increased by 28.46 per cent in the year.
The Board Chairman of the Bank, Mr G. S. K. Anku, said this at the bank’s 20th annual general meeting at Amasaman in the Ga West District of the Greater Accra Region on Saturday.
According to Mr Anku, investments in government securities also improved from GH¢5,197,850 to GH¢6,441,500, an increase of 23.93 per cent while customer deposits rose from GH¢8,855,397 to GH¢11,508,436, representing about 30 per cent increase, which enabled the bank to improve its investments in government securities.
Shareholders’ funds, improved by 13.38 per cent from GH¢281,278 to GH¢318,910, statutory reserve fund increased by 19.06 per cent from GH¢324,590 in 2010 to GH¢386,449 in 2011, while income surplus improved from GH¢568,334 to GH¢722,634 (27.15 per cent increase).
Mr Anku disclosed that the bank had increased its share price of 0.12 pesewas to 0.20 pesewas per share with effect from July 2, 2012 to shareholders.
He said the board had recommended the payment of dividend of three pesewas per share amounting to GH¢58, 866.99. This year’s dividend per share is 50 per cent higher than the 2010 dividend which was two pesewas per share.
The board chairman added that the increase was to help motivate shareholders and other investors to buy more shares in the coming days.
In the bid to alleviate poverty, Mr Anku said the bank would continue to offer loans and other support services to small scale businesses in the country, especially those operating in its catchment area.
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