The Bawku East Small-Scale Farmers (BESSFA) Rural Bank bagged about GH¢103, 800 last fiscal year, representing a whooping 83.5 per cent increase compared to 2006.
Mr Solomon Atigah, Board Chairman of the Bank said the huge progress was made despite the disastrous effects of last year's floods and conflict on the local economy of the Bawku traditional area.
He was speaking at the Bank's 17th annual general meeting (AGM) at Garu, where it has its headquarters.
Mr Atiga said in 2006 the bank made only about GH¢56,700 profit and recorded a total asset of GHC3, 324,339, last year, as against GH¢2,137,397 in 2006.
He said loans and overdrafts it disbursed increased from GH¢510,728 in 2006 to GH¢820,454 last year. Deposits rose significantly from GH¢1,455,488 to GH¢1,854,589 during the same fiscal years.
He noted that defaults in repayment of loans by customers were quite substantial and has adversely affected the general performance of the bank this current year".
He indicated that following the difficulties involved at recovering loans, the Board decided on some strategic means of recovery and said it basically included the prosecution of defaulters, adding that, the bank would soon "descend on them" to recover the monies involved.
The Upper East Regional Minister, Mr Alhassan Samari, who was the special guest, urged banking institutions in the region to go beyond the traditional banking services and consider the level of deprivation and poverty in the region.
He urged the bank to play leading roles in meeting the social and economic needs of the people.
He said even though there were stringent regulations governing the operations of rural banks in the country but they should endeavour to be flexible in their dealings with their customers, especially those in rural communities.
Mr Samari called on management of BESSFA to introduce more innovative products to take care of a larger majority of beneficiaries, to quicken the pace of development, envisaged for northern Ghana in general and the Bawku traditional area in particular.
Mr. George Annor, an official of APEX Bank, called on shareholders of the bank to be vigilant and show interest in its activities, make constructive criticisms as well as increase their shareholdings.
He advised management of the bank to adhere strictly to the rules and regulations regarding their operations and demonstrate a high level of integrity.
The DCE for the Garu-Tempane District, Mr Joseph Dindiok Kpemka, said the assembly operates an open-door policy and therefore welcomes any positive moves that help develop the area.