Amenfiman Rural Bank holds 29th AGM

The Amenfiman Rural Bank Limited made a profit before tax of Gh? 2,247,312.19 in 2012 as against Gh? 1,151,981 in 2011.

Dr Toni Aubynn, Chairman of the Board, announced this at the 29th Annual General Meeting of the Bank at Wassa Akropong on Saturday.

He said this represented an increase of 95 per cent and “this is indeed very impressive by all standards”.

Dr Aubynn, who is the Chief Executive Officer of the Ghana Chamber of Mines, said profit after tax rose from Gh? 1,044,882.01 in 2011 to Gh? 2,054,322.41 in 2012 representing an increase of 97 per cent.

He said total income also increased by 67 per cent from Gh? 4,077,343.94 in 2011 to Gh? 6,818,843.85 in 2012.

Dr Aubynn said this performance was expected to increase when the bank rolled out other income generating products and services.

He said deposits increased from Gh? 23,523,595. 07 in 2011 to Gh? 32,009,952.12 in 2012.

Dr Aubynn said shareholders funds rose from Gh? 2,206,087.08 in 2011 to Gh? 4,089,348.31 in 2012, an increase of 85 per cent.

He said the bank’s impressive performance in 2012 placed it as the second most profitable bank in the country out of the 135 rural and community banks and the number one most profitable bank in the Western Region.

Dr Aubynn said the bank was classified by the Apex Bank Limited as a strong bank in the 2012 ranking.

He said the bank invested a total of Gh? 26,000 in community activities including scholarships and bursaries awarded to children and wards of shareholders and to brilliant but needy students.

Dr Aubynn said during 2012, 106 students benefited from the Amenfiman Scholarship Scheme and over 150 brilliant but needy students of the Amenfiman Senior High School obtained bursaries.

Mr Kwadwo Aye Kusi, Managing Director of the Association of Rural Banks (ARB) Apex Bank Limited, said the profits achieved by the bank last year and other healthy financial indicators were sufficient evidence of the effective management of the bank’s resources.

He said the bank could do more by way of deposit and share mobilization, cost control and reduction, risk management and compliance.

Mr Kusi asked the bank to put in place new programmes and policies such as Development of Microfinance Business, Risk Management, staff training and Customer Service.

He said one major area where rural and community banks could develop and create a unique marketing niche to strengthen their banks was microfinance business.

Mr Kusi said although almost all rural and community banks were operating some form of microbusiness, they had the potential to achieve more.

He said it was time for rural and community banks to re-think microfinance given the proliferation of microfinance institutions in their catchment areas and promote it to sustain their banks.

“I will, therefore, urge you to deepen your microfinance business to improve your overall results,” Mr Kusi said.

He said the ARB Apex Bank would soon institute an ICT security policy that would ensure that risk associated with the implementation of ICT products were reduced to the minimum.