Amenfiman Rural Bank records total assets increase of GH₵477.4M

Bank Agm
Bank Agm

The Amenfiman Rural Bank in the Wassa – Akropong Municipality, has maintained its leadership as the largest rural bank in the country, recording a total assets increase of GH₵477.4 million in 2021, as compared to GH₵424 million recorded in 2020.

This represents a yearly growth of 12.6 percent, Dr Tony Aubynn, Chairman of the Board of Directors noted.
He indicated that the Bank’s growth was partly driven by a 43.9 percent increase in loans and advances to support agriculture and micro-small-scale enterprises.

Dr Aubynn, who was addressing the 38th Annual General Meeting (AGM) of the Amenfiman Rural Bank at Wassa – Akropong, said the Bank posted a profit before tax of GH₵10.1 million in 2021, as against GH₵11.5 million recorded the previous.

The Bank’s total income, he said, increased from GH₵62.2 million to GH₵78.2 million, representing 25.7 percent increase over that of 2020.

Customer deposits grew by 10.4 percent from GH₵363.6 million in 2020 to GH₵401 .7 million in 2021.
Dr Aubynn, who is also the Chairperson of the Association of Rural Banks (ARB) Apex Bank, said the stated capital of the Amenfiman Rural Bank stood at GH₵6.7 million, significantly above the regulatory requirement of GH₵1 million.

“This is an indication that the Bank is sufficiently capitalised for our businesses,” he remarked.
The AGM aimed at taking stock of the Bank’s operations and activities, and account to the customers the state of its finances.

Dr Aubynn explained that the Bank’s response to the unprecedented challenges, including the COVID-19 pandemic – which emerged as a socio-economic and humanitarian crisis worldwide, had been notable.

“We are exceedingly proud of how we supported our employees, customers and communities by keeping all business units,” he stated.

He said as part of the Bank’s corporate social responsibilities, it had renovated the assembly hall and the Information and Communication Technology Centre of the Amenfiman Senior High School.

Dr Alex Asmah. Chief Executive Officer of the Bank said the Bank was establishing business clubs to aid entrepreneurship clinics to support businesses within its operational areas.

The beneficiaries of these clinics would also be given the skill and knowledge to start businesses, he noted, and encouraged more youth to go into entrepreneurship.

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