Mr Vincent Essien Blaychie, the Chairman of the Board of Directors, who announced this at the 28th Annual General Stakeholders’ Meeting of the Bank, said the previous year the Bank made GHC45,593, and described the performance, as “ encouraging”.
Mr Blaychie said the Bank was committed to staying on course in paying shareholders their due because its capital position was strengthening with the capital adequacy ratio standing at 19.1 per cent at the end of 2015 as against 13.7 percent 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 GHC.030 per share amounting to GHC646,475, representing, 22 percent of the profit after tax,” Mr Blaychie stated.
Mr Blaychie said the Bank’s total deposits increased from GHC37.8m in 2014 to GHC41.7m in 2015, representing a growth of 10.3 per cent; while the income recorded increased from GHC14.8m to GHC11.1m within the same period.
He attributed the achievement to the promotions carried out by the management and staff.
In line with the Bank’s Corporate Social Responsibility, the Chairman said GHC73, 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, has urged the Board of Directors (BOD) 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.
He 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), and the Chief Executive Officer of the Mineral Commission, suggested that the Common Fund and the MPs Fund be channeled through the Rural banks as well as the Commercial Bank, since the rural bank had positioned itself to transact all businesses.
By Felicia Yeboah-Akpoh, GNA