He said the figure was an increase of 6.30 per cent on the 2016 figure of GHC1.75 million, saying “that confirms that the Bank is a viable business entity”.

 Addressing the 33rd annual general meeting of the shareholders, directors, Management and staff at Kintampo in the Brong-Ahafo Region, Mr. Effah-Baafi reported that despite the challenges in 2017, the Bank steered its affairs in a manner which was mutually beneficial to all stakeholders and thus led to “a very commendable results”.

 He said the Bank’s total assets grew by 19.87 per cent from GHC27.55million in 2016 to GHC32.912million in 2017, adding that the Bank funded assets grew to GhC4.767million, which was 27.81 per cent in new deposits.

 The Board Chair stated that its total deposit closed at GHC21.905million in 2017 from GHC17.138million in 2016, whilst Shareholders’ Fund also increased by GHC1.186million, signifying 17 per cent from GHC6.890million to GHC8.167million.

 As a result of the expansion of its liabilities, the Bank’s loans and advances portfolio grew from GHC9.678million in 2016 to GHC10.932million in 2017, showing an increase of 12.95 per cent, Mr. Effah-Baafi said.

He indicated that the Bank maintained a relatively high capital adequacy ratio of 38.68 per cent which was well above the minimum regulatory requirement of 10 per cent that provided an ample buffer against any eventualities.

 Against that background, the Bank generated a total operating income of GHC6.570million in 2017 as compared to GHC5.972million in 2016, thus recording a 10.01 per cent growth over the year, the Board Chair indicated.

 Mr. Effah-Baafi added that the Bank’s operating expenses were GHC4.602million in 2017, a 12.36 per cent above the 2016 level of GHC4.095million.

 On the basis of that impressive performance, he said the Board recommended 25 per cent of the net profit to be paid as total dividend for 2017, that translated into a dividend per share of GHC0.0264 which “amounts to a total pay-out of GHC339,357.00.

The Board Chair said the Bank extended loans and overdraft facilities of GHC10,804,917.00 to 4,394 customers, representing an increase of 15.10 per cent over the 2016 figure.

 Mr. Effah-Baafi however, expressed worry that the Bank though continued to extend credit to a larger number of customers within its catchment area, some beneficiaries still persisted to default in the loan repayment, resulting in a high non-performing loan ratio which stood at 6.16 per cent at the end of 2017.

On corporate social responsibilities, he announced that the Bank supported some selected communities in its catchment area with tangible projects in 2017 at an amount of GHC47,175.00 but GHC29,215.00 was spend in that regard in 2016.

 Alhaji Siba Yakubu, the General Manager of the Yapra Rural Bank Limited at Prang in the Pru West District of Brong-Ahafo, lauded the performance of the Bank over the years, saying it was the number one among the Rural/Community Banks (RCBs) in the Region and also among the first 10 RCBs in the country due to its best banking business practices.

 He said that performance meant a burden on the Board, Management and staff to work harder to maintain it and post even better results in the ensuing years.