The Nandom Rural Bank has witnessed a significant growth in its total assets from GH¢4,253,768.00 in 2010 to GH¢7,243,236.00 in 2011, representing 70.28%.
Mr. Peter Kuukyame Latuo, Chairman of the Bank’s Board of Directors announced this at the 30th Annual General Meeting (AGM) of stakeholders at Nandom in the Nandom District of the Upper West Region.
According to him, the significant growth in the Bank’s assets could largely be attributed to the significant growth in advances from GH¢658,895.00 in 2010 to GH¢1,284,617.00, representing a percentage of 94.96%.
The Chairman noted that the Bank also recorded 87.55% increase in share capital, 40.98% increase in deposits, 26.76% increase in net worth and 20.43% increase in investments.
He said the growth in the loan portfolio by 94.96% contributed significantly to the profit the Bank recorded, saying without which the story would have been different.
Mr. Latuo said the sectors, which benefited from the Bank’s credit activities during the year under review included Agriculture (7.43%), Transport (1.98%), Trading (65.44%), and 25.15% for others.
The Board Chairman said as part of the Bank’s corporate social responsibility some donations were made to some institutions including the District Directors of the Ghana Health Services, Lambussie-Karni, Lawra and Wa Municipal District Agric Development Units towards Farmers’ Day celebration.
Other institutions that benefited from the Bank’s donations include the Nandom Students’ Union Holiday Programme, Nandom Kakube 2011 celebration and the Nandom Senior High School (SHS) Fire Disaster.
Mr. Latuo mentioned development of a strategic plan, completion and the refurbishment of the Bank’s head office building and the mobilization of share capital as some of the plans the Bank intended to undertake next year.
He also mentioned post computerization and networking challenges as well as high loan default rate as some of the challenges confronting the Bank.