The Ada Rural Bank is targeting one million cedis as stated capital by 2015, after shoring up more than GH¢300,000 to meet the minimum requirement set by the Bank of Ghana for rural banks.

“Our stated capital increased by 1.9 per cent from GH¢298,262 to GH¢303,932 , this means that we have now met the minimum capital set by the Bank of Ghana, that is, GH¢300,000,” Mr David Sabbah, Chairman of the bank’s board, told shareholders.

Stated capital is generally explained as the amount of money that a company must hold in order to pay dividends and other payouts.

At a well-attended Annual General Meeting in Kasseh, in the Greater Accra Region, the chairman said the bank raked in GH¢318,193 in profits , gaining 16.02 per cent growth over the 2012 profit of GH¢274 237.

According to Mr Sabbah, total assets increased by 31.18 per cent from GH¢ 6,927,993 in 2012 to GH¢9, 088142 in the following year.

“Deposits grew by 16.21 from GH¢5,566,648 in 2012 to GH¢6,469,222 in 2013, he said.

The Chairman said the total operating income increased by 26.97 per cent from GH¢1,440,541 in 2012 to GH¢1,829,120 in 2013, affording him the confidence to state that,”In fact, all our key indicators showed growth during the year under review.”

A dividend of one and half pesewas was, subsequently, declared.

The Ada Rural Bank, headquartered in Kasseh, was incorporated in 1981, but it commenced business in 1982.