Management of Anum Rural Bank assures shareholders

Anum(ER), May 26, GNA - The management of Anum Rural Bank in the Eastern Region has assured the shareholders of a bright future for their investments. Mr Theodore Kwame Gyau, Chairman of Board of Directors addressing the 26 Annual General Meeting of shareholders at Anum at the weekend said "The future looks bright for the bank and we look forward to 2009 and beyond with great hope, and commitment to improve on successes achieved in 2008." Without declaring any dividend in 2007, the management declared a dividend of 0.25 Ghana cedis each for 2008 having registered a profit before tax of 97,996 Ghana cedis as against 53,084 Ghana cedis in 2007, making an increase of 44,912 Ghana cedis. Mr Gyau said the bank's total assets appreciated from 3.8 million Ghana cedis in 2007 to 4.58 million Ghana cedis in 2008, making a 19 per cent growth.

Total deposits increased from 2.68 million Ghana cedis in 2007 to 3.18 million Ghana cedis (18.4 per cent) in 2008 due to "effective and efficient deposit mobilization by the management," he explained. Total shareholders fund also appreciated by 12.8 per cent from 697,268 Ghana cedis in 2007 to 786,640 Ghana cedis in 2008. The management also exceeded the Bank of Ghana's minimum threshold of 150,000 Ghana cedis having posted a capital of 375,141 Ghana cedis, according to the ARB Apex Bank.

On infrastructure development, Mr Gyau said management upgraded its six mobilization centres into agencies located at Dzemeni, Peki-Avetile and Juapong in the Volta Region and Anum, Atimpoku and Akosombo in the Eastern Region.

He said management had set aside 20,000 Ghana cedis from its profit in 2008 to continue its office complex at Akosombo while exploring other funding avenues to complete the office by 2010. "It is worthy to note that your bank was rated "satisfactory" "on the basis of the 2008 fourth quarter report of the Efficiency Monitoring Unit (EMU) of the ARB Apex Bank Limited," Mr Eric Osei-Bonsu, Managing Director of ARB Apex Bank said in a speech delivered on his behalf at the meeting. "I commend you highly for such a wonderful performance, for which you deserve to congratulate yourselves," he said.