It also registered an increase in its total assets by 22.40 per cent, from GH¢ 18,380,478 in 2020 to GH¢ 22,496,475, and accrued a gross profit of GH¢ 120,772.00 during the period under review.

Mr Appau Mensah-Abrompah, Board Chairman, announced at the 23rd Annual General Meeting (AGM) held at Kukuom on Saturday.

He explained that the meeting was to enable the directors, management, staff and shareholders to take stock of the bank’s activities and its financial statement.

He noted that the bank, established in 1996, with its headquarters at Kukuom, also had branches in Sankore, Kasapin, Mim, Goaso and Kenyasi, saying that plans were far advanced to open a new branch in Dadiesoaba.

The bank, at the meeting, crowned winners of its share-promotion in the previous year with a raffle draw, where Michael Owusu, Georgina Manu, Oscar Acheaw and Eric Opoku won a saloon car, refrigerator, television set and mobile phone respectively.

Mr Abrompah expressed worry over the high rate of loan repayment defaulted by some customers which was threatening the survival of the bank, adding that “it has negatively affected our liquidity”.

The Board Chairman stated that, “stakeholders are working together to address some operational performance challenges. They include capacity building for management and staff, technological advancement, liquidity challenges, among others”.

Mr Pobi Antwi Donkor, Chief Executive Officer (CEO) of the bank, said it was his plan to strengthen the microfinance department and ensure internal control measures.

The CEO emphasised that the bank in its next financial year would ensure compliance with statutory requirement of the Bank of Ghana (BoG) and ARB to strengthen the internal audit unit.

He lauded the commitment of the Paramount Chief of Kukuom Traditional Council, Osahene Kwaku Atakyi II, among other early promoters for their active roles in the establishment of the bank.

Mr Antwi acknowledged the support of shareholders, customers, management, staff, and stakeholders for their invaluable contribution, dedicated services, suggestion and commitment to rural banking.