Kumawu (Ash), Sept 27, GNA-The Kumawuman Rural Bank in the Sekyere East district of Ashanti is formulating a five-year Strategic Rolling Plan to strengthen the existing branch network of the bank.

Mr Godfried Amoah, Chairman of the Board of Directors of the bank, who announced this, said the plan was also designed to consolidate the bank's operations, identify strategic locations for the opening of new branches, upgrading of the bank's information technology and communication facilities as well as improvement in its earning portfolio.

Presenting his report at the 11th annual general meeting of the bank at Kumawu at the weekend, he said the bank recorded a net profit of one billion cedis in 2003 as against 296.4 million cedis in 2002, which represented an increase of 253 per cent.

He announced that the bank's total operating capital rose from 1.73 billion cedis in 2002 to 3.09 billion cedis in 2003, which represented an increase of 87.77 per cent.

Shares, Mr Amoah said, rose from 559.5 million cedis in 2002 to 1.568 billion cedis in 2003, which showed a growth of 180 per cent. In a speech read on his behalf, Mr Emmanuel Kwapong, Managing Director of ARB Apex Bank, announced the introduction of a new product soon to be called "Home Sweet Home" on the market.

The new product, he said, will target settler groups in particular areas of the country to enable them to direct their savings to their villages and towns.

He said the product formed part of moves by the bank to enhance rural banking since it was about the easiest and surest alternative to channel resources for rural development.

Mr Kwapong commended the board and management of the bank for the careful and good corporate governance with which they handled the resources of the bank.

Nana Serwaah Amponsah, Queen Mother of Kumawu, called on the management of the bank to remain focused and build on the success they had so far chalked so as to guarantee the safety of shareholders' money.