Nsoatreman Rural Bank calls on loan defaulters to pay back or face legal action

The Nsoatreman Rural Bank Limited at the weekend held it 33rd Annual General Meeting at Nsoatre in the Sunyani West Municipality of the Bono Ahafo Region, with a call on loan defaulters to fulfil their obligation to avoid legal action.

The Bank made a profit before tax of GH¢615, 405.00 last year as against GH¢605,209.00 in 2021, representing an increase of 1.68 per cent.

Mr Kofi Agyemang, the Board Chairman, presenting the 2022 Annual Report to stakeholders, said the Bank recorded a significant growth of 21.80 per cent through its total deposit of GH¢409,602,035.00 in 2022 compared with GH¢33,336,154.00 in 2021.

He commended the staff for being able to mobilise so much, notwithstanding the high inflation rate.

Mr Agyeman stated that the loan portfolio increased to GH¢11, 555,130.00 in 2022 from GH¢11,429,224.00 the previous year, representing a growth of 1.10 per cent.

The credit department strategy of reducing loans in the face of accentuating non-performing loans was a very good decision, he said.

The total assets grew from GH¢37,112,208.00 in 2021 to GH¢46,570,358.00 in 2022, representing 25.49 while investment marginally went up from GH¢17,053,655.00 to GH¢22,493,655.00 representing 31.90 per cent and, therefore, acknowledged the Board and Management for their effort. 

He said the bank share-capital registered an increase by 15.27 per cent from GH¢1,525,980.00 in the year 2021 to GH¢1,759,034.00 in 2022 and appealed to all to patronise its shares to be able to withstand any future upward adjustment by the Bank of Ghana.

Mr Agyeman assured depositors that the bank had a brighter future since their money was in safe hands and were likely to reap abundant in the form of interest on deposits as the bank remained resolute in achieving its objectives.

He disclosed that the Bank of Ghana had approved its request on changing the bank’s status from a limited liability company to public liability company to be known as Nsoatrean Rural Bank PLC.

Madam Suzan Boateng, the Bono Regional Manager of the ARB Apex Bank, commended the Board and Management for their good work and said it would soon introduce a Financial Sector Development (FSD) project to implement internet and mobile banking solutions for its esteemed customers.

Source: GNA 

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