UE/R: SOCO PROJECT FACILITATORS URGED TO WORK HARD FOR THE SUCCESS OF THE PROJECT – DCE NABDAM
By Raymond wegwi
The Naara Rural Bank Plc which was established in 1980 with it’s headquarters at Paga in Kasena Nankana West District has organized its 32nd Annual General Meeting (AGM) for 2023 in Navrongo .
Presenting the report of the board of directors , the board chairman, Rev. Fr. Joseph Aseyire Tabase said the rural banking industry and Ghanian economy suffered greatly in diverse ways following the global cries .
According to him the year 2022 was very challenging and economic conditions under the bank operated cannot be ignored therefore the performance of the the bank was imparted negatively by the high inflation rate and depreciation of the cedi, higher fuel prices, uncertainty in the global economic outlook and the effect of the government of Ghana DDEP.
Rev Fr Joseph Tabase however said despite these challenges the Naara Rural Bank Plc recorded a profit before tax of GH¢1,072,686 an increase of 115.7% with total assets grew from GH¢ 44,413,120 in 2021 to GH¢56,778,398 in 2022 which is 27.84% growth. .
Deposits also grew from GH¢ 52,641,967 in 2021 to GH¢63,388,085 representing 20.4% in 2022 and on the other hand, the bank investments increase from GH¢ 20,721,000 to GH¢ 23,475,000 representing a percentage increase of 13.3%
while loans and advances grew from GH¢ 22,423,268 in 2021 to GH¢ 31,606,390 representing an increase of 41% and 5.8% increase in stated Capital that soar from from GH¢ 2,036,117 to GH¢ 2,153,907 in the year under review.
On human resource development of the bank, the board chairman stated that the bank is under staffed in all it’s branches and also there’s the need to build their capacity and the have have put in place various strategies to overcome those challenges and apart from that the board and management has put in place 20 policies to reposition the Naara Rural Bank Plc performance and that is why the have rebranded by changing the logo and with the new name from Naara Rural Bank to Naara Rural Bank Plc.
Rev Fr Joseph Tabase, informed the shareholders that during the year under review, the bank spent an amount of GH¢ 23,730 as part of it corporate social responsibility within the Bank’s operational areas which covers areas of education, health, Agriculture and social activities adding that the bank will continue to help its people.
On the way forward, he said the bank remain focus and vigorously pursue various strategies which, some of them are good corporate governance, improving customer service, ensuring full compliance with the regulators and laws and regulations of the state to further improve the performance of the bank.
He took the opportunity to appeal to government and all agencies involved in the introduction of the corporate tax of 25% to reduce it to 15% for the RCBs because it’s too high for banks operating in the rural communities in the country.
Rev Fr Joseph Aseyire Tabase concluded his speech by thanking the Catholic Diocese of Navrongo -Bolgatanga, the Kasena Nankana West District and Kasena Nankana municipal assemblies, the traditional leaders, the shareholders, management and staff of the bank for their indefatigable efforts during a very difficult year. Awards were given to the deserving staff and clients.
