KUMAWUMAN RURAL BANK INAUGUTRATES NEW HEAD OFFICE

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   The Kumawuman Rural Bank has inaugurated its two million Ghana Cedi head office complex at Kumawu in the Sekyere Kumawu district of Ashanti. 
The inauguration of the head office coincided with the 21st Annual General Meeting of the Bank. Kumawuman Rural Bank was incorporated in 1982 after it was granted its License by the Bank of Ghana with its operational head office at Kumawu in the Sekyere Kumawu district of Ashanti with an astute financial expert and former Governor of the Bank of Ghana, Dr. Kwabena Duffuor, as one of the founders, a shareholder and now the Chairman of the Board of Directors of the Bank. The inauguration of the head office at Kumawu therefore came as a pleasant news to all the shareholders and other interested persons. 
The two-storey office block, which took three years to complete cost about two million Ghana Cedis. 

The new Head office complex of Kumawuman Rural Bank
The opening of the office coincided with the 21st Annual General Meeting of the bank’s shareholders during which the Board of Directors discussed the operations of the bank during the 2013 financial year. During the period under review, the bank mobilized a total of 25 million, 499 thousand Ghana Cedis representing 14 percent increase from that of 2012 while it increased its loans and advances to customers by 26 point six-nine percent over the  previous year’s figure of 11 point-five million Ghana Cedis. 
The bank Board of Director declared a total of 38 thousand, 963 Ghana Cedis as dividend to the shareholders for the period an amount of 21 thousand, 400 Ghana Cedis was expended on corporate social responsibilities. 
The Board Chairman’s Report was read on his behalf by a Director, Asare Yeboah, disclosed that the bank’s profit before tax  increased by 14 point six-four percent over the 2012 figure to 959 thousand, 394 Ghana Cedis in 2013 while shareholders’ fund grew to three point one million Ghana Cedis. 
The Head of Other Financial Institutions at the Bank of Ghana, Raymond Amanfo told the shareholders that even though they have the right to demand increase in dividend on their shares, declaration of dividends is regulated by law and should be circumspect in their demands. 
Similarly, managers of rural banks must also do well to declare the appropriate dividend to their shareholders.

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