Awutu Bawjiase (C/R) Sept 20, GNA - The Bawjiase Area Rural Bank has been rated the first among the 127 rural banks in the country, according to the "Efficiency Monitoring Unit" of Apex Bank, released in March this year.

At the bank's 19th annual general meeting at the weekend, Mr Emmanuel Osei, Chairman of the Board of Directors, said the bank made profit before tax of GHC379,286 in 2008 as against GHC247,349 in 2007. He said the bank also granted a total of GHC7,381,042 as loans and advances in 2008 as against GHC5,535,397 in 2007, to customers in the areas of Agriculture, Cottage Industry, Transport, Trading, Micro-Credit and others.

According to the Chairman, the bank's total deposit increased by 26.3 percent from GHC102,813 in 2007 to GHC3246,675 in 2008. The bank's paid up capital jumped from GHC166,508 in the year 2007 to GHC249,148 in 2008.

Mr Kweku Aquaah, Central Regional President of the Association of Rural Banks, commended the board, Management and Staff of bank for their hard work and prudent financial management that had enabled it to chalk the success.

He urged the shareholders of the bank to buy more shares to increase the share capital of the bank.

Mr Eric Osei-Bonsu, Managing Director, ARB Apex Bank, in a speech read on his behalf, commended the bank for its sterling performance. He reminded them that the Bank of Ghana had introduced an electronic financial analysis and Surveillance System (e-FASS) which would make it possible for banks file their prudential returns on-line. This would enable the BOG to carry out most of its supervisory duties on-line in order to promote and maintain the integrity of the banking industry.

"It is therefore, mandatory for Rural and Community Banks to computerize their operations," he stressed. In this direction, banks desirous of opening new agencies are now required to first automate their process."

Mr Osei-Bonsu said in this light, the BOG had tasked all financial institutions to religiously implement the "Know Your Customer" (KYC) rules in order to prevent fraudulent activities. 20 Sept. 09