The Ahantaman Rural Bank Limited (ARBL) in the Ahanta West District of the Western Region made a net profit of
GH¢ 90,529.00 at the end of 2015 as against 2014’s figure of GH¢ 45,593 recording a 49.6 per cent increase.
Announcing this at the 28th annual general meeting of the bank at Agona Nkwanta, Mr. Vincent Essien Blaychie, Chairman of the Board of Directors, said the ARBL’s capital position was strengthening with the capital adequacy ratio standing at 19.1 per cent at the end of 2015 as against 13.7 per cent in 2014.
“Based on this capital strength and the income generating capabilities of the bank, the Board of Directors have recommended a cash dividend of GH¢ .030 per share amounting to GH¢ 646,475, representing, 22 per cent of the profit after tax,” he said.
Mr. Blaychie said the bank’s total deposits increased from GH¢ 37.8m in 2014 to GH¢ 41.7m in 2015, representing a growth of 10.3 per cent, while the income recorded increased from GH¢ 14.8m to GH¢ 11.1m within the same period.
He described the bank’s performance as reassuring and ascribed the achievement to a vigorous promotion carried out by the management and staff.
Mr. Blaychie, however, urged the staff to work harder for improvement saying, both the BOD and management had put strategic measures in place to sustain “this sterling performance”.
In line with the bank’s corporate social responsibility, the Board Chairman said GH¢73,400 was spent on the sponsoring of secondary and tertiary students, while some also went into the provision of items for institutions.
The institutions include the Holy Child College of Education, Mpohor Education Directorate, Sekondi Central Prisons, and the Agona District Police Command.
Mr Blaychie used the occasion to launch the year-long share promotion and urged the shareholders to continue to buy shares as that was a major source of income.
Mr. Alex Awuah, the Deputy Managing Director of ARB Apex Bank, urged the Board of Directors of rural banks to exercise strict supervision over the banks’ operations to ensure that the officials work efficiently.
He said 140 rural banks had since 1976 been opened across the country, and they were very beneficial to the rural folks, especially farmers.
Mr. Awuah urged the banks to work efficiently to make themselves the preferred choice of their clients.
He also urged the shareholders to critically study annual reports of the rural banks in order to raise concerns of lapses for correction.
Dr Tony Aubynn, the President of the Western Rural Banks Association (WERBA), who is also the Chief Executive Officer of the Minerals Commission, suggested that the Common Fund and the MPs Fund be channeled through the rural banks since they had positioned themselves to transact all businesses.