Enyan Denkyira (C/R), Sept. 14, GNA - The Enyan Denkyira Rural Bank made a profit of GHC96,268, after taxation, in 2008 as against GHC49,152 in 2007.

The chairman of the Board of Directors of the Bank, Mr W. P. Bray, made this known to shareholders, at the 27th Annual General Meeting of the Enyan Denkyira Rural Bank at Enyan Denkyira, on Saturday. He said the bank's total deposit increased from GHC1,007,331 in 2007 to GHC1,072,281 in 2008, while its total assets jumped from GHC1,445,140 in 2007 to GHC1,920,109, last year. Mr Bray said the bank paid a tax of GHC 877 in 2007 but this increased to 2,326 in the year under review.

The Managing director of the ARB Apex bank, Mr Duke Osam-Duodu in his address said the overall performance of the Enyan Denkyira rural bank in the 2008 financial year was rated as satisfactory. Mr Osam-Duodu said rural banks in the country still have a lot more to do by way of organizational restructuring, effective credit administration, cost control and reduction so as to meet the challenges of the changing competitive business environment.

He said six, representing 29 percent of the 21 rural banks in the Central Region, have as at December 2008 met the minimum stated capital of GHC150,000, demanded by the Bank of Ghana. "This calls for closer collaboration by way of mergers amongst the banks to enable them to improve upon their fundamentals to meet the growing competition".

He stressed that the "emerging competition in the banking sector, is a reality that no one rural bank can fight alone, therefore it is incumbent on us to adopt strategies, that will enable us to compete in the industry".

Mr Osam-Duodu encouraged rural banks to have internal control units to assist oversee the implementation of the bank's systems and controls, which would report directly to the Board or its sub-committee. The Managing Director said Rural and Community banks must endeavour to build a good corporate image for themselves to ensure the loyalty of customers and the patronage of their products. 14 Sept. 09