Foase-Ashanti, Nov. 28, GNA - Atwima Rural Bank at Foase-Ashanti recorded a net profit of 267.7 million cedis in 2005. Total deposits of the bank increased from 6.6 billion cedis in December 2001 to 24 billion cedis in December 2005. Mr Peter Kwaku Mensah, Chairman of the Board of Directors of the Bank who announced this at the 21st Annual General Meeting of the bank at Foase-Ashanti, said Government Securities increased from 3.5 billion cedis in December 2001 to 12.6 billion cedis in December 2005. He pointed out that the inability of the Directors and the Management to hold shareholders meeting for the past four years was not an attempt to prolong their stay in office but to improve on the bank's operations.

Mr Mensah said the bank suffered a loss of 2.2 billion cedis in 2001 and needed a lot of hard work to reverse the situation. He expressed appreciation to its customers and shareholders for their patience and understanding during those trying moments and announced that the income surplus position of the bank was now positive and had set the bank on the road to total recovery. Mr Emmanuel Kwapong, Managing Director of ARB Apex Bank in an address read for him, commended the Board of Directors and Management of the bank for their hard work to salvage the bank from distress. He urged the management to strengthen its internal control mechanisms to check fraud and embezzlement that contributed to the near collapse of the bank. 28 Nov. 06