Toende Rural Bank makes gain(D/G Wednesday, July 2, 2008 page 33)

Story: Benjamin Xornam Glover, Zebilla
The Toende Rural Bank in the Bawku West District of the Upper East Region recorded a net profit of GH¢ 12, 800 in 2007 representing an increase of 341.8 per cent over the GH¢ 2,897 recorded for 2006.
The banks total asserts for 2007 also amounted to GH ¢ 943.506 as against GH ¢ 613,669 record in 2006 an increase of 53.7 per cent.
The Chairman of the Board of Directors of the bank, Rev. Dr. Jacob Ayeebo who announced this during its Annual General Meeting,(AGM), held at Zebilla.
He said total investment rose from GH ¢ 436,780 in 2006 to GH ¢ 728,276 for the year under review while loans advanced to small scale businesses and others persons who salaries passes through the bank increased from GH ¢ 71,208 in 2006 to GH ¢ 107,186 in 2007.
According to him, total deposits amounted to GH ¢ 684,501 in 2007 as against GH ¢ 439,715 in 2006 representing and increase of 55.6 per cent.
Commenting on the banks achievements over the period, Rev Ayebo said during the period under review the bank was rated the 19th performing bank out of 120 rural banks throughout the country for the fourth quarter of 2007 by the Efficiency Monitoring Unit of APEX Bank.
According to him, in addition, the bank was ranked 49 out of the 125 rural bank assessed on performance for the whole year.
Rev. Ayeebo disclosed that the bank succeeded in paying off its preliminary expenses in 2007 and also bought a double cabin pick up vehicle to facilitate its operations.