Nsuta (Ash), Oct 12, GNA - Nsutaman Rural Bank at Nsuta near Asante-Mampong has embarked upon group financing of farming communities in its catchments area.

Mr Yaw Manu Sarpong, Chairman of the Board of directors of the bank, said the support is to help raise the produce of the farmers to earn enough income.

The board chairman called on traditional rulers, churches and the high profile citizens within the bank's catchments area to partner the bank to quicken the socio-economic development of the area.

Presenting his report at the bank's third general meeting at Nsuta at the weekend, he said the bank made a net profit of 250.4 million cedis after tax.

The bank's share capital, Mr Manu-Sarpong, said stood at 723.5 million cedis as against 445.4 million cedis in 2003 representing an increase of 62 per cent.

He said interests on income increased from 561.6 million cedis in 2002 to 929.2 million cedis for the period under review with 834.4 million cedis coming from investment in government treasury bills. Interests on loans and advances increased from 41.9 million cedis to 94.8 million cedis and that its operating expenses rose by 55 per cent from 213.6 million cedis to 330.2 million cedis.

The bank advanced loans totalling 433.4 million cedis in 2003 as against 222.1 million cedis in 2002, showing an increase of 95 per cent. The bank's assets rose from 3.322 billion cedis in 2002 to 4.779 billion cedis in 2003.

Mr Manu-Sarpong expressed gratitude to the management of Mechanical Lloyd Company as well as Fidelity Discount House Limited for their sustained support that had brought the bank so far.