Home Business Finance Anum Rural Bank reports significant growth in 2022

Anum Rural Bank reports significant growth in 2022

Economy Rural Bank
Anum Rural Bank

The Anum Rural Bank in the Eastern Region has witnessed a significant growth in its operations in 2022 as it posted a profit before tax of GH¢2,515 million, representing an increase of 84.08 per cent.

It however posted GH¢1,366, 000 in 2021.

The Bank’s net interest income also moved to GH¢11,769 M
from GH¢8,609 ,000 in 2021 resulting in an increment of 36.7 per cent.

Mr Daniel Adu Appea, Chairman of the Board of Directors of the Bank made these known during the Bank’s 40th Annual General Shareholders meeting at Anum in the Eastern Region.

He said the Bank’s total asset grew from GH¢53,627 ,000 to GH¢69,953 ,000 appreciating by 30.44 per cent in the year under review, and its total deposit stood at GH¢55,400, 000 up by 31.63 per cent, as against GH¢42,087,000 it recorded in the previous year.

Total operating income went up from GH¢10,953M to GH¢15,026M representing 37.19 increment, whiles interest income swelled from GH¢9,990M to GH¢13,357M recording an increment of 33.70 per cent.

Mr Appea said in the year under review, the bank created a conducive operational atmosphere to deliver growth in revenue, deposit mobilisation, excellent customer services and appreciable growth in shareholders’ funds.

He said the Bank continued to pursue its corporate mission of becoming one of the leading and most dependable Rural Banks in the country through the provision of financial and non-financial services to help narrow the development gap between rural communities and urban areas.

He said this year, the Bank was prioritising activities including carrying banking services to the doorsteps of customers, prospecting for new customers and retention of existing customers.

Others are, construction of the Atimpoku Agency Building, aggressive development mobilsation, human resource development to equip staff and boost their confidence to improve efficiency.

Mr Appea said the Bank was also prioritising stringent adherence to good corporate governance policies, maximisation of shareholders’ funds, expenditure control, electronic banking and opening of an Agency in Dodowa.

Mr Alex Kwasi Awuah, Managing Director, ARB Apex Bank, in a speech read on his behalf, commended the Bank for the feat chalked.

He noted that some key challenges had been threatening smooth operations of businesses and chief among them was the COVID-19, and that some businesses were still struggling to survive in the post COVID-19 era.

He said before the outbreak of the pandemic, the country was hit by the Domestic Debt Exchange Programme, which aimed at stabilising the economy by the government, noting that rural and community banks, which subscribed to government bonds had been impacted adversely.

Mr Awuah underscored the need for banks to prioritise short-term liquidity so they could have enough funds available at all times for customers to withdraw.

The meeting was also used to elect three new Board of Directors to replace two who have reached their retirement age and one who passed on.

The newly elected directors are, Mr George Awuku Bada Lotsoo, Mr Felix Essah Hienoo and Madam Irene Mary Odame.

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