Atwima Kwanwoma Rural Bank increases deposit

Atwima Kwanwoma Rural Bank’s total deposit stood at GHC121, 016.757, an increased percentage of 18.83 at the close of the year 2018.

Mr. Patrick Owusu, Chairman of the Board of Directors of the Bank, said the Bank’s deposit in the previous year was GHC101, 841. 580.

He was speaking at the 36th annual general meeting of the shareholders of the Bank at Pakyi Number Two in the Amansie West District.

He said the investment portfolio grew from GHC92, 487,798 in the year 2017 to GHC106, 091,938 in 2018, representing an increase of 14.71 percent.

The Chairman stressed that the Bank’s total loan/advances portfolio increased from GHC 31,314,866 in the year under review as against GHC 24, 309,886 in 2017.

He said an increase was recorded in the Bank’s total assets from GHC138, 016,601 in 2017 to GHC 159, 673,337 in 2018, representing a growth of 15.69 percent.

Mr. Owusu indicated that the Bank’s stated capital at the end of December 2018 stood at GHC 3, 172, 869, while the Bank recorded a significant increase in its equity from GHC31, 300, 092 in 2017 to GHC 35, 029,346 in 2018.

He said profit of the Bank before tax saw a drop from GHC 8, 296, 648 in 2017 to GHC6, 007, 152 in 2018, representing a drop of GHC 11.08 percent.

Notwithstanding the drop in profit, the Directors recommended the payment of dividend of GHC0.0800 per share, amounting to GHC 1, 186, 223 for the year 2018 as compared to 2017 dividend of GHC0.1000 per share, which amounted to GHC1, 459, 948.

Mr. Owusu said the Bank spent an amount of GHC 65, 164, 00 as part of the Bank’s social corporate responsibility on various community projects on education, health and security.