EAST MAMPRUSI COMMUNITY BANK HOLDS 4TH AGM
Shareholders of the East Mamprusi Community Bank listening keenly to how their monies have been used
EAST MAMPRUSI COMMUNITY BANK HOLDS 4TH AGM
NOVEMBER 29, 2008
BY: PETER ATOGEWE WEDAM
ISD, EAST MAMPRUSI DISTRICT
COPIED TO G N A [Gambaga[N/R], November 29, GNA] -
The East Mamprusi Community Bank, EASMACOM with its headquarters at Gambaga in the East Mamprusi district, recorded GH ¢1,216,105 in total deposits by December 31, 2007 as against GH ¢949,926 in 2006 indicating a 28 per cent increment. The bank’s total assets also appreciated from GH ¢1,624,580 in 2006 to an impressive GH ¢2,254,400 in 2007 showing an increase of 39 per cent. The Board Chairman of the EASMACOM bank, Mr. Dan Kolbila disclosed these at the bank’s fourth annual general meeting[AGM] held at Gambaga themed “Micro finance: tool for growth and poverty reduction”.
Mr. Kolbila further disclosed that the bank made a net profit after tax to the tune of GH ¢53,868.00 higher than its profit of GH ¢41,386 in 2006. Shareholders funds also experienced an upward movement from GH ¢195,113.00 in 2006 to GH ¢264,108 in year 2007. The Board Chairman noted that with a relatively small staff population of only 28 at the bank’s headquarters and branches at Nalerigu and Bunkprugu, management and staff did their very best culminating in the achievement of satisfactory results.
He said loan repayment over the period was impressive with only 6.3 per cent of total loans of GH ¢805,000.00 disbursed during the year falling into adverse classification. He said the bank has embarked on vigorous recovery of loans and appealed to all debtors to repay their loan as scheduled or face prosecution.
The board chairman said EASMACOM bank is committed to supporting the community within which it operates especially the needy in society. In view if its social responsibility therefore, an amount of GH¢ 9,938.00 was spent during the period. Meanwhile, about GH ¢5000.00 was spent on educating staffs of the bank for the year ended December 31, 2007.
On the way forward, Mr. Kolbila hinted that EASMACOM has put in reserve fund for commencement of works on a permanent modern structure to house the bank’s headquarters and branch offices, adding “the headquarters building will free ourselves from the high rent demanded by our landlords”.
He mentioned poaching of the bank’s staff by banking heavyweights as a big obstacle in its efficient work and promised better working conditions for the staffs whilst he called on them to continue to work harder.
The auditor of the bank’s books, Sappor & Agyekuney, in their report to AGM said the audit was planned and professionally conducted so as to obtain all information and explanations regarding the financial statements and irregularities whether caused by fraud or error.
The report stated that EASMACOM kept proper books and financial statements that complied with the companies code of 1963, Act 179 and the banking act 673 [2004].
Mr. Eric Osei-Bonsu, Managing Director of the ARB APEX Bank in a speech read for him, commended EASMACOM congratulating especially the staff saying, the numerous achievements the bank made were as a result of dedication to duty and selfless contributions on the part of staff.
Mr. Osei-Bonso also thanked SPEED Ghana, NORTHFIN and the United Nations Development Programme [UNDP] who have been collaborating with the bank all the while in its ten years of operations.
He implored the bank to put in place good credit management policies which will ensure high loan recovery in order to reduce bad and doubtful debts provision. He urged the bank set up an internal audit unit to check the incidence of fraud and other financial irregularities.
The president of the North Eastern Chapter of ARB, Mr. John Asagbi told shareholders to desist from using the AGM as a platform to call for the dismissal of directors but rather use it strategise on the continual progress of the bank.
He urged community members and shareholders to buy more shares so as to increase the share capital of the bank. Mr. Asabgi said community banks since their birth have done well for rural communities in the areas of social responsibility and credit accessibility and this is the reason all and sundry must support rural banks to grow.
EAST MAMPRUSI COMMUNITY BANK HOLDS 4TH AGM
NOVEMBER 29, 2008
BY: PETER ATOGEWE WEDAM
ISD, EAST MAMPRUSI DISTRICT
COPIED TO G N A [Gambaga[N/R], November 29, GNA] -
The East Mamprusi Community Bank, EASMACOM with its headquarters at Gambaga in the East Mamprusi district, recorded GH ¢1,216,105 in total deposits by December 31, 2007 as against GH ¢949,926 in 2006 indicating a 28 per cent increment. The bank’s total assets also appreciated from GH ¢1,624,580 in 2006 to an impressive GH ¢2,254,400 in 2007 showing an increase of 39 per cent. The Board Chairman of the EASMACOM bank, Mr. Dan Kolbila disclosed these at the bank’s fourth annual general meeting[AGM] held at Gambaga themed “Micro finance: tool for growth and poverty reduction”.
Mr. Kolbila further disclosed that the bank made a net profit after tax to the tune of GH ¢53,868.00 higher than its profit of GH ¢41,386 in 2006. Shareholders funds also experienced an upward movement from GH ¢195,113.00 in 2006 to GH ¢264,108 in year 2007. The Board Chairman noted that with a relatively small staff population of only 28 at the bank’s headquarters and branches at Nalerigu and Bunkprugu, management and staff did their very best culminating in the achievement of satisfactory results.
He said loan repayment over the period was impressive with only 6.3 per cent of total loans of GH ¢805,000.00 disbursed during the year falling into adverse classification. He said the bank has embarked on vigorous recovery of loans and appealed to all debtors to repay their loan as scheduled or face prosecution.
The board chairman said EASMACOM bank is committed to supporting the community within which it operates especially the needy in society. In view if its social responsibility therefore, an amount of GH¢ 9,938.00 was spent during the period. Meanwhile, about GH ¢5000.00 was spent on educating staffs of the bank for the year ended December 31, 2007.
On the way forward, Mr. Kolbila hinted that EASMACOM has put in reserve fund for commencement of works on a permanent modern structure to house the bank’s headquarters and branch offices, adding “the headquarters building will free ourselves from the high rent demanded by our landlords”.
He mentioned poaching of the bank’s staff by banking heavyweights as a big obstacle in its efficient work and promised better working conditions for the staffs whilst he called on them to continue to work harder.
The auditor of the bank’s books, Sappor & Agyekuney, in their report to AGM said the audit was planned and professionally conducted so as to obtain all information and explanations regarding the financial statements and irregularities whether caused by fraud or error.
The report stated that EASMACOM kept proper books and financial statements that complied with the companies code of 1963, Act 179 and the banking act 673 [2004].
Mr. Eric Osei-Bonsu, Managing Director of the ARB APEX Bank in a speech read for him, commended EASMACOM congratulating especially the staff saying, the numerous achievements the bank made were as a result of dedication to duty and selfless contributions on the part of staff.
Mr. Osei-Bonso also thanked SPEED Ghana, NORTHFIN and the United Nations Development Programme [UNDP] who have been collaborating with the bank all the while in its ten years of operations.
He implored the bank to put in place good credit management policies which will ensure high loan recovery in order to reduce bad and doubtful debts provision. He urged the bank set up an internal audit unit to check the incidence of fraud and other financial irregularities.
The president of the North Eastern Chapter of ARB, Mr. John Asagbi told shareholders to desist from using the AGM as a platform to call for the dismissal of directors but rather use it strategise on the continual progress of the bank.
He urged community members and shareholders to buy more shares so as to increase the share capital of the bank. Mr. Asabgi said community banks since their birth have done well for rural communities in the areas of social responsibility and credit accessibility and this is the reason all and sundry must support rural banks to grow.
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