Amenfiman Rural Bank records progress

Dr Toni AubynnThe Amenfiman Rural Bank Limited made a profit before tax of GH¢2,247,312 in 2012 as against GH¢1,151,981 in 2011, representing an increase of 95 per cent. The bank’s profit after tax increased from GH¢ 1,044,882 in 2011 to GH¢ 2,054,322 in 2012, representing an increase of 97 per cent.

Dr Toni Aubynn, Chairman of the Board of Directors of the bank, who disclosed this at the 29th Annual General Meeting of the bank at Wassa Akropong, said total income also increased by 67 per cent from GH¢ 4,077,343 in 2011 to GH¢ 6,818,843 in 2012.

The performance, he said, was expected to be more enhanced when the bank introduces other income generating products and services.

Dr. Aubynn said deposits increased from GH¢ 23,523,595 in 2011 to GH¢ 32,009,952 in 2012, while shareholders funds also increased from GH¢ 2,206,087 in 2011 to GH¢4,089,348 in 2012, an increase of 85 per cent.

He said the bank’s impressive performance in 2012 placed it as the second most profitable bank in the country out of the 135 rural and community banks in the country and the number one most profitable bank in the Western Region.
The bank, Dr. Aubynn said, was classified by the Apex Bank Limited as a strong bank in the 2012 ranking.

He said the bank invested a total of GH¢ 26,000 in community activities including scholarships and bursaries awarded to children and wards of shareholders and to brilliant but needy students.

“During the year under review, 106 students benefited from the Amenfiman Scholarship Scheme and over 150 brilliant but needy students at the Amenfiman Senior High School obtained bursaries,” he added.

Mr. Kwadwo Aye Kusi, Managing Director of the Association of Rural Banks (ARB) Apex Bank Limited, said the profits achieved by the bank last year and other impressive financial indicators were sufficient evidence of the effective management of the resources of the bank, adding that it could do more by way of deposit and share mobilisation, cost control and reduction, risk management and compliance.

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