Shama (W/R), Sept. 28, GNA - The Lower Pra Rural Bank (LPRB) declared a net profit before tax of over one point nine billion cedis in December 31, 2002 and granted total loans of six point four billion cedis to customers.

Mr. Nathaniel Arthur, Chairman of the Board of Directors of the Bank, disclosed this at the 20th Anniversary and the Annual General Meeting of the Bank at Shama at the weekend.

He said the bank's total deposits increased from 8,997,510,000.00 cedis in the year 2001 to 13,480,158,000.00 cedis.

Mr. Arthur said the 2.985 billion cedis of the loans went into the agricultural sector benefiting 4,492 customers.

Other beneficiaries were in the transport, cottage industry, commerce and other sectors.

The Bank's investment in Treasury Bills, he said, also increased from 4,901,853,000.00 cedis in 2001 to 7,588,304,000.00 cedis in 2002. Mr. Arthur said the outstanding performance was achieved through the collaboration of the board, management and staff of the bank. He said the Bank also granted an amount of one point seven billion cedis to women groups and spent 72 million cedis on community development particularly in education, health and community initiated projects.

Mr. Arthur said the Bank has earmarked 425 million cedis to support community-initiated projects this year.

It is also constructing a library at Shama and instituted a scholarship scheme for brilliant but needy students in the Junior and Senior secondary schools.

The function was attended by a large number of people including Mr. Emmanuel Asiedu-Mante, First Deputy Governor of Bank of Ghana.