Agona Kwanyako C/R, Oct 13, GNA - Mr Ben Donkor, Chairman of the Board of Directors of the Agona Rural Bank, on Saturday cut the sod for work to begin on 500 million cedis' office complex to serve as headquarters of the bank.

The project, to be financed from the bank's own resources, would comprise a banking hall, offices and a conference room. Mr John Ofori, Manager of the bank, said this at the 20th Annual General Meeting of the bank.

He said 79.27 million cedis has been set aside for building the bank's head office.

Mr Donkor said the bank made a profit, before tax, of 274.88 million cedis as against 236.17 million cedis in 2001.

Deposit balance at the close of 2002 stood at 3.59 billion cedis as against 2.38 billion cedis in 2001.

Mr Donkor said with increase in deposit base the bank increased its investments from 2.06 billion cedis in 2001 to 3.02 billion cedis. He said the bank has agreed to participate in the capacity building of the rural banks under the rural financial services project by 2005, saying that the bank will be fully computerized both locally and nationwide with other rural banks to enhance services to customers.