Amenfiman Rural Bank makes 1,044,882 .01 Ghana Cedis profit last year

The Amenfiman Rural Bank Limited, made profit after tax of 1,044,882 .01 Ghana Cedis in 2011, Dr. Toni Aubynn, Chairman of the financial institution announced on Saturday at Wassa Akropong.

He said: “this splendid performance was achieved at the back of improvement in credit delivery, expenditure control, prudent management of resources and commitment to duty by staff’.

Dr. Aubynn, who delivering a report on performance of the financial institution at the 28th Annual General Meeting of Shareholders of the bank, said the bank’s 2011 profit represented 169 per cent over 2010 profit after tax of 388,435 Ghana Cedis.

He said the bank’s deposits increased from 15,288,448 Ghana Cedis in 2010 to 23,523,595. 07 Ghana Cedis last year.

Dr Aubynn, who is also Chief Executive Officer of the Ghana Chamber of Mines, said this feat was achieved as a result of intensive deposit mobilization and that total income for 2011 increased by 44 per cent from 2,826,865 Ghana Cedis in 2010 to 4,077,343. 94 Ghana Cedis.

He said the bank’s paid up capital went up marginally from 225,982 Ghana Cedis in 2010 to 238,270. 43 Ghana Cedis in 2011, while total assets increased from 18,843,435 Ghana Cedis in 2010 to 28,146,394. 76 Ghana Cedis in 2011.

Dr, Aubynn said: “We encourage shareholders, both existing and potential ones, to buy more shares in order to capitalize the bank to make it stronger to compete”.

He said the bank would soon request shareholders to consider converting their dividend into additional shares, and also authorize directors to transfer funds from income surplus to stated capital.

Acting Managing Director of the bank, Mr. Duke Osam-Duodu, in an address read on his behalf by Mr. Kwaku Ababio, Manager of the Takoradi branch of the Association of Rural Banks Apex Bank Limited, appealed to the board and management of the Amenfiman Rural Bank to adopt pragmatic measures to roll in more capital into the bank to meet the high cost of expansion and the rising recurrent expenditure associated with computerization.

Mr Osam-Duodu said the Apex Bank has automated the Apexlink Money Transfer and re-branded it as “I-Trans”, and explained that this facility could be conveniently used by businessmen and traders wherever there are rural and community banks.

He said the Amenfiman Rural Bank has earned total commission of 48,718 Ghana Cedis since the automation of Apexlink Money Transfer in August this year.

Mr Osam-Duodo said the Wassa Akropong branch of the bank out-performed other branches with 4,235 transfers and 1,159 payments.

He called on the general public and business community to patronize the product and eliminate avoidable losses that could arise from incidents like highway robbery and theft.

Mr. Osam-Duodu said the Apex Bank in collaboration with the Danish International Development Agency had established a new project to assist rural and community banks to improve their services and performance.