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Business News of Wednesday, 28 October 2015

Source: GNA

Atwima-Kwanwoma rural bank shows strong performance

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Atwima-Kwanwoma Rural Bank continues to show strong performance – posting, profit after tax of GH¢ 4.43 million, last year.

Mr. Patrick Owusu, the Board Chairman, said the figure represented 25.51per cent growth over year 2013 total of GH¢ 3.52 million.

Addressing shareholders of the bank at their 32nd annual general meeting held at Pakyi Number-Two in the Amansie West District, he said its deposit hit GH¢ 58,268,027.88 from GH¢ 51,308,886.58 during the period.

At the same time, the bank’s investment rose from GH¢ 38,241,946.52 to GH¢ 46,237,272.28 while total assets stood at GH¢ 74,396,816.58 as against GH¢ 62,521,170.98.

Mr. Owusu also spoke of substantial increase in its support to individuals and businesses to expand their economic activities.

It gave out GH¢15,504,378.50 in loans and advances compared with the previous year’s amount of GH¢ 13,765,362.21.

The bank’s stated capital came to GH¢ 1,149,957.61, which was a 4.83 per cent rise over last year’s GH¢ 1,097,012.61.

He said being a good corporate citizen it made available GH¢ 65,914.00 towards community development projects and this went into the refurbishment of the Pakyi Number Two Presbyterian “B” primary school, supply of building materials to some communities, donation of computers to schools and street bulbs.

Given the impressive returns on its operation, the board decided to pay GH¢ 891,668.84 as dividend to the shareholders.

Deputy Managing Director of the ARB Apex Bank, Mr. Alex Akwasi Awuah, applauded the bank for the significant achievement and asked that it sustained the momentum.

It should strengthen its internal controls and ensure best business practices, he added.

Mr. Awuah said the ARB Apex Bank as regulator of the community rural banks was determined to go to all lengths to make every one of them operate optimally.