Derma Rural Bank Opens Branch At Sunyani

The Brong-Ahafo Regional Manager of Bank of Ghana, Peter K. Intsiful has commended Rural and Community Banks (RBCs) for their contribution to the economic development of Ghana, saying their intermediation activities has been remarkable. 

He was speaking at the commissioning of a Branch of the Derma Area Rural Bank at Penkwase, suburb of Sunyani. 

According to Mr Intsiful, total assets of RBCs grew by 18.68% year-on-year from GH¢ 1.62 billion in August 2013 to GH¢ 1.92 billion in August 2014. 

He continued that the RBC sub-sector contributed 3.5% of the banking industry. 

Total assets of Rural and Community Banks were said to have been funded mainly by deposits which stood at 75.07%, borrowing and other liabilities pegged at 10.61% with reserves standing at 10.82%. 

Mr Intsiful however described the non-performing loans of RBCs which stood at 14.4% as at August this year as quite worrying and called for a collective effort to reduce it. 

The Brong-Ahafo Regional Manager of Bank of Ghana praised Derma Area Rural Bank for its impressive performance for 2013 despite difficult market conditions. 

Total assets of the bank as at August this year was GH¢ 11.42 million compared to GH¢ 9.04 million reported at the end of December last year. 

The Board Chairman for the Bank, Job Boahen pointed out that times have changed and that the bank is diversifying its operations to be in line with modern trends in the banking sector. 

Mr Boahen indicated that bank is therefore rolling out new products that will suit the needs and interest of its clients. 

The Brong-Ahafo Regional Manager of ARB Apex Bank, Mark Odoi Adjei told Derma Rural Bank that with the expansion of its business, it is likely to take bigger risks and it must put in place robust risk-control measures to safeguard the investment of shareholders.

The Supervising Manager of Derma Rural Bank, Daniel Maxwell Esiful, announced that the bank will not charge cost on transaction (COT) on current account. 

He mentioned some of the loan portfolios of the bank as salary, commercial, funeral, agricultural, micro-finance and overdraft. 

On social responsibility, Mr Esiful said the bank is instituting a scholarship scheme for second cycle students in its operational area. 

According to Radio Ghana’s Emmanuel Mensah-Abludo, the Chief of Derma, Nana Owusu Asante Ababio who cut the tape to inaugurate the bank, traced its history saying it was established in 1984. 

Nana Ababio particularly singled out a retired educationist and a former Board Chairman of the Bank, George Amanor Kyeremeh for his dedicated services to the bank.  

The Brong-Ahafo Chapter President of the Association of Rural Banks, Boakye Boateng advised staff to treat customers with utmost courtesy in order to maintain as well as attract more clients. 

The Chief of Penkwase, Nana Kusi Boadum asked the bank to work with integrity to make them stand out among their competitors. 

GBC