Atwima-Kwanwoma Bank shows strong performance

Atwima Kwanwoma Rural Bank continues to show strong performance, posting a record after-tax-profit of GH¢3.53 million on its operations last year.

The figure represented 97.04 per cent growth over the 2012 figure of GH¢1.79 million.

Mr.Patrick Owusu, the Board Chairman, said during the period, its investment also rose from GH¢30.2 million to GH¢38.24 million.

Addressing the bank’s 31st annual general meeting of the shareholders at Pakyi-Number-Two, in the Amansie West District, he said total assets hit GH¢62.52 million from GH¢52.19 million.

At the same time, its deposits came to GH¢51.31, a 14.15 per cent increase from the preceding year’s total of GH¢44.95 million.

Mr. Owusu said loans and advances to customers grew by 16.13 percent, amounting to 13.76 million.

Given the impressive operational returns, the bank announced a dividend payment of GH¢0.0827 per share.

Mr Owusu touched on its corporate social responsibility and said it spent an amount of GH¢30,608.00 on community projects, groups and institutions within the area, where it has been doing business.

He told the meeting that 20 new students have been enrolled onto the bank’s scholarship scheme, established in 1991to support brilliant students to pursue secondary and tertiary education.

It would be spending cash in the range of about GH¢7.000.00 on them during the 2014/15 academic year.

Mr. Duke Osam-Duodu, the Deputy Managing Director of the ARB Apex Bank, saluted the bank for its success story and consistent remarkable achievements over the years.

The expectation is that it would continue to uphold best practices to sustain it on the path of growth.

He noted that, the banking industry was going through some transformational processes in the areas of information and communication technology (ICT), effective deposit mobilization, cost control and liquidity management and urged rural banks to put in measures to keep pace with these new developments.