Business News

Atwima Kwanwoma Rural Bank increases its asset

Atwima Kwanwoma Rural Bank recorded an increase in its assets from GH₵159,673,337.00 in 2018 to GH₵188,723,038.00 in 2019.

This increment represents 18.19 per cent in the fiscal year, Mr. Patrick Owusu, Board Chairman of the bank said.

He was addressing shareholders of the Bank at its 37th Anual General Meeting (AGM) at Pakyi No.2 in the Amansie West District of Ashanti.

The board chairman said despite the challenging operating environment in the financial year, the Bank’s investment portfolio grew from GH₵106,091,938.00 to GH₵126,490,164.00 representing 19.23 per cent.

Touching on the Bank’s total deposit mobilization, Mr. Owusu said it stood at GH₵146,582,226.00 as against GH₵121,016,757.00 in the previous year.

This represented a percentage increase of 21.13 per cent.

The Bank’s total loans and advances also stood at GH₵34,919,716.00 as against GH₵31,314,866.00 in 2018, an increase of 11.51 per cent.

“Profit before tax saw a drop from GH₵6,007,152.00 in 2018 to GH₵4,498,636.00 in 2019 representing a drop of 25.11 per cent.

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Consequently, profit after tax dropped from GH₵4,470,419.00 in 2018 to GH₵3,031,095.00 in 2019 representing a drop rate of 32.20 per cent”.

Mr. Owusu told the shareholders that the Bank recorded an increase in its equity from GH₵35,029,346.00 in 2018 to GH₵37, 575,423.00 in 2019, representing 7.27 per cent growth.

The board chairman said, in the year under review, an amount of GH₵87,016.00 was spent on corporate social responsibility activities for stakeholders within its catchment areas with a special focus on education, health, and security.

Mr. George Annor, Ashanti Regional Manager of the ARB Apex Bank, commended the directors, management, and staff of the Bank for bringing the Bank thus far and promoting rural banking.

He commended the Bank for its creditable and consistent financial performances and urged the shareholders and other customers of the Bank to buy more shares.