The shortfall has been attributed to the opening of a Bibiani Agency and the relocation of its Bantama branch in Kumasi.

The bank performed satisfactorily in deposit mobilisation and shoring up total assets, particularly in its stated capital, although it reduced the creation of loans and advances.

The Chairman of the Board of Directors of the bank, Mr John Swanzy, announced this at the 32nd annual general meeting of the bank at Toase.

Challenges
The chairman said in spite of the economic challenges in the country during the year under review, the bank still recorded some gains in its operations.

He mentioned some of the difficulties as currency depreciation, energy crisis and rising inflation and interest rates.

The rural bank industry also faced competition from both universal banks and microfinance institutions.

Support
The bank continued support for communities and institutions within its operational areas, as it spent a total of GH¢117,248 on corporate social responsibility. Beneficiaries were in the agriculture and education sectors.

Dividend
In line with a 25 per cent dividend payment policy of the bank, the board recommended a payment of GH¢223,949, representing GH¢0.02239 per share, as against a dividend payment of GH¢258,095 or GH¢0.043 per share in 2014.
Mr Swanzy expressed appreciation to the management and staff of the bank for their dedication and hard work that had contributed to the successful operations.

Assurance
The General Manager of the Bank, Mr Issah Mogtari, gave an assurance that the management team would continue to pursue policies to maximise profits and offer customer satisfaction.

He said the bank would work to increase deposit mobilisation, reduce cost and strengthen internal control measures, while developing the human capital of the bank.