Amansie West Rural Bank records growth

Cedi-Sack-PixAmansie West Rural Bank Limited made a pre-tax profit of GH¢1, 464,556.00 in 2015 as compared to GH¢1, 162,283.00 recorded in 2014, representing an increase of 26 per cent over the previous year’s.

Board Chairman of the bank, Isaac Otchere-Antwi, who announced this at the bank’s 31st Annual General Meeting at Antoakrom, in the Amansie Central District of the Ashanti Region, stated capital also increased by 13.10 per cent from GH¢963, 336.00 in 2014 to GH¢ 1,089,953.00 in December 2015.

He said deposits also rose from GH¢35,306,237.00 to GH¢42,009,431.00 while total assets hit GH¢55,330,925.00 from GH¢47,752,247.00 during the period.

At the same time, the bank grew its investments to GH¢24,561,816.00 with loans/advances going up from GH¢12,786,607.00 to GH¢14,704,136.00.

Mr. Otchere-Antwi said the bank was determined to continue to work hard and strengthen its internal control systems to sustain its impressive performance.

He, on behalf of the board, recommended a payment of GH¢0.0261 dividend on each of the 14,919,320 ordinary shares for stakeholders for the year 2015.

The total amount involved is GH¢389,394.25 as against GH¢337,976.64 on 13,150,842 ordinary shares at GH¢0.0257 per share for 2014.

Though the bank was able to satisfy the minimum capital requirement of GH¢500, 000.00 set by the Bank of Ghana, to be achieved by December 2016 and the GH¢1,000,000.00 required by December 2017, Mr. Otchere-Antwi appealed to the shareholders to buy more shares.

“This is because it is likely the Bank of Ghana will raise the minimum capital requirement further to GH¢2.0 million by the end of July 2018,” he said.

Mr. Otchere-Antwi told the shareholders that the bank’s assets have been re-valued and it had become necessary to review the ordinary share price currently sold at GH¢0.10 upwards to GH¢0.25, effective January 2017.

The Board Chairman said GH¢87, 155.62 was spent in the year under review in fulfillment of its policy to support socio-economic activities in its catchment areas, explaining that the money was spent on education, health, municipal and district assemblies, clubs and societies, and security services.

Mr. Otchere-Antwi was happy that a police tent city project undertaken by the bank at Poano on the Anwia Nkwanta-Manso Nkwanta main road had reduced armed robbery incidents in the area, and stated that commuters now feel secure whenever they ply the road.

He said the bank will soon provide solar lighting at the project site to make it a 24-hour security checkpoint on that portion of the road.

Mr. Otchere-Antwi said the bank would introduce electronic banking in its operations next year.

Mr. Mills Opoku Boateng, the new General Manager of the bank, called on the stakeholders to assist to turn round the fortunes of the bank for the betterment of all.

He called on the stakeholders to also help the bank to intensify its deposit and share mobilisation campaigns as well as its loan recovery activities.

 

From Kingsley E. Hope, Antoakrom

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