The Amenfiman Rural Bank Ltd recorded improvement in performance with its after tax profit growing from GH￠4,138, 729.00 in 2018 to GH￠5,843,592.00 in 2019, representing 42 per cent growth.
The total deposit of the Bank grew from GH￠189,225,771.00 in 2018 to GH￠254,635,378.00 in 2019, representing 34.5 per cent.
The Banks advances increased from GH￠93,159, 660.00, representing 71 per cent, over the GH￠54,450, 256.00 in 2018.
Dr Toni Aubynn, Chairman of the Board of Directors, who announced this at the 36th Annual General Meeting (AGM) of the Bank at Wassa Akropong, said it maintained its leadership as the largest rural bank in Ghana with total assets of GH￠304,654,372.00 as against GH￠223,280,862.00 in 2018.
That represented a significant growth of
36.4 per cent during the year compared to 15 per cent in 2018 and 2017.
The Bank also made a total income of GH￠42, 199,913.00 at the close of the year under review as against GH￠39,218,887.00 in 2018, representing 7.6 per cent.
Dr Aubynn said the investments had increased by 48.5 per cent from GH￠92,283,745.00 to GH￠137,022, 488.00, with shareholders funds shooting up from GH￠25,889,574.00 to GH￠30,764,709.00 representing 18.8 per cent.
Touching on loans for cocoa farmers, initiated by the Bank five years ago, Dr Aubynn said it disbursed over GH￠30 million to more than 10,000 cocoa farmers as against GH￠23 million and 17 million during the 2018 and 2017 financial years.
He assured the farmers of the Bank’s continuous assistance as they had proven their credit worthiness to make the programme a success.
The Bank’s stated capital exceeded the regulatory requirement at the end of the year 2019, the Board Chairman said.
He added that it recorded GH￠6.03 million as total capital as compared to GH￠3.07 million in 2018, representing 96.4 per cent.
That, Dr Aubynn explained, was made possible by the decision of shareholders to recapitalise with 2018 dividends and also the subscription of bonus.
He said a total of GH￠2.65 million was realised from the recapitalisation arrangement and stressed that in all GH￠2.97 million was added to its stated capital.
“This means our bank has met and exceeded the current capital requirement of the Bank of Ghana by more than 600 percent and in addition build up an appreciable amount of reserves in excess of GH￠30 million, making our bank highly solvent,” he said.
Over the years the Board had proposed and paid an average dividend of 30 per cent annually on shares.
“Unfortunately, due to estimated impact of the COVID-19 pandemic on banks, the Bank of Ghana has directed all banks and deposit taking institutions not to declare dividends for the 2019 financial year,” he said.
Dr Aubynn reiterated the Bank’s commitment to paying good dividends when the ban was lifted.
Mr Kojo Mattah, the Managing Director of ARB APEX Bank, praised Amenfiman Rural Bank Ltd for installing seven Automated Teller Machines and encouraged management and staff to keep working hard to remain pacesetters in the banking industry.
Dr Alexander Asmah, the Chief Executive Officer of Amenfiman Rural Bank Ltd, said with the impressive performance, management was confident the Bank would continue to operate profitably despite the novel coronavirus pandemic on businesses globally.
He commended customers for their loyalty and pledged management’s commitment to working hard to sustain the gains made.
Three directors who were due for retirement were re-elected. They are Mr Edmund Afful, Dr Lucas Nana Wiredu Damoah, and Mr Anthony Justice Quaidoo.