Lower Pra Rural bank records significant profit
Lower Pra Rural Bank has in the 2018 financial year recorded significant growth in spite of the numerous reforms which hit the country’s banking sector. The bank, under the year in review, recorded a profit before tax of GHC 1, 158, 431, 00 as against GHC 1, 108, 517 .73 in the 2017 financial year.
This was disclosed by the board chairman of the bank Mr. Francis Mensah at the 31st annual general meeting of shareholders held in Shama.
He intimated that, since the introduction of the reforms, banks have derived considerable gains from their investments in government and bank of Ghana securities however, the share of the private sector declined which affected growth.
According to him, the Lower Pra Rural bank has exceeded the minimum capital of GHC 1million. Mr. Francis Mensah added that, total assets of the bank grew from GHC 83, 896, 056.76 in 2017 to GHC 98, 152, 150. 00 in 2018 representing 17% whilst deposits also increased from GHC 73,299,027.08 in 2017 to GHC 84,369,578.00 in 2018 with investments increasing by 14%.
He added that, “in line with our vision to promote community development, contributions amounting to GHC430, 588.00 were made in 2018 to support the development activities of the catchment area in the areas of education, health, community initiated projects and other miscellaneous activities”.
He opined that, the strong performance of the bank in spite of the Banking sector challenges was due to the continuous patronage of the services of the bank by its loyal customers.
He promised strong measures to ensure the bank becomes the preferred choice in the western region.
“Modern technology and digitization is the driving force behind today’s banking and the banking sector is being repositioned for the task ahead. E-Banking is being introduced to transact banking business. The bank has therefore acquire secured ATM machines at most of its branches to avoid the usual queues our customers go through in the banking halls” he added
The Board of Directors recommended a dividend of GHC 0.20 per share for 2018 as amended by section 73 of the companies act of 1963, act of 1963, act 179 and in line with the boards dividends policy.
Total dividend paid was GHC 820,398.20 representing an increase of 34% over the previous year’s dividend of GHC 611,817,90 paid to shareholders.