Awutu Bawjiase (C/R), Sept 04, GNA - The Awutu-Bawjiase Area Rural Bank Limited made a profit before tax of 1.114 billion cedis in 2004 as against 1.075 billion cedis in 2003, representing a rise of 3.6 percent. Mr Emmanuel Osei, Chairman of the Board of Directors of the Bank, told the 15th Annual General Meeting of the bank on Saturday that loans and advances to customers increased from 8.280 billion cedis in 2003 to 12.985 billion cedis in 2004.

The bank's deposits rose from 9.109 billion cedis in 2003 to 13 billion cedis in 2004, representing an increase of 42.6 percent. Mr Osei said ''this notable increase in deposit is an indication of the growing confidence of customers in the bank and the successful operation of the various micro-credit programmes and the domestic money transfer product of the Apex Bank.''

The bank's investment in government treasury bills and notes increased from 6.4 billion cedis in 2003 to 7.2 billion in 2004. Mr Osei said the bank intended to diversify its investment activities by expanding the various micro programmes following the consistent drop in interest rate on treasury bills.

Mr Emmanuel Kwapong, Managing Director of the ARB APEX Bank, described the general performance of the Bawjiase Area Rural Bank as "satisfactory and impressive".

He said in an address read for him that the bank's paid up capital increased from 631.08 million cedis in 2003 to 758.40 million cedis in 2004.

''Though this is higher than the minimum paid up capital requirement of 500 million as stipulated by the Bank of Ghana, there is the need for shareholders to buy more shares.''

Mr Solomon Abam-Quaye, The District Chief Executive for the area, appealed to the bank to continue to offer credit facilities to customers.