Kwanwoma Rural Bank Makes Record Profit

moneyThe Atwima Kwanwoma Rural Bank showed strong performance last year, making a record net profit of GH¢1.8 million.

This represented an increase of 142 per cent over the previous year’s figure of GH¢740,152.93.

Mr Patrick Owusu, the Chairman of the Board of Directors, announced this at the bank’s 30th annual general meeting held at Pakyi-Number-Two in the Amansie West District of Ashanti Region.

The bank’s total assets increased from GH¢41.8 million to GH¢52.2 million during the period, while deposits grew from GH¢36.8 to GH¢ 44.9.

At the same time, the bank’s investment rose to GH¢30.2 million from GH¢23.9 million. He said loans and advances saw a significant growth from GH¢9.2 million to GH¢11.8 million.

The bank’s capital adequacy ratio hit GH¢580, 014.11. He said given the impressive operation returns, an amount of GH¢447,847.40 had been set aside for dividend payment to the shareholders.

In line with its corporate responsibility, it supported the Atwima-Kwanwoma Senior High School with GH¢10,000 and an additional GH¢16,000 was spent on other social interventions.

Mr. Kwadwo Aye Kusi, Managing Director of the ARB Apex Bank, gave high marks to the bank for the sterling performance. He urged the directors to do more to support the growth of the economies of the rural communities, where it had been doing business, a key objective for the establishment of the rural banks.—GNA

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