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Atwima Kwanwoma Rural Bank posts good results

Atwima Kwanwoma Rural Bank

Atwima Kwanwoma Rural Bank Limited in the Ashanti Region has posted growth in almost all the financial indicators in the 2018 year under review.

The bank recorded a profit before tax of a little over GH¢6 million in the 2018 year under review representing a drop rate of 11 per cent from approximately GH¢8.3 million the previous year.

Read: Adansi Rural Bank share capital hits GH¢3.7 million

Profit after tax, however dropped from about GH¢6 million in 2017 to a little over GH¢4.47 million for 2018 representing a drop of 24.8 per cent.

The drop in profit was attributed to numerous challenges encountered during the period under review; notable among them being the reduction in investment rates, financial turbulence that hit the financial sector, increased competition in the industry and depreciation of the cedi.

In spite of the challenges encountered during the year, directors of the bank recommended a dividend payment of GH¢0.080 per share amounting to GH¢1,186,223 for the year ended December 31, 2018 as compared to 2017’s dividend of GHC0.1000 per share which amounted to GH¢1,459,948.

The Chairman of the Board of Directors, Mr Patrick Owusu, announced this at the bank’s 36th Annual General Meeting in the Ashanti Region.

At the close of the year under review, the bank’s investment portfolio grew from about GH¢92. 5 million in the year 2017, to a little over GH¢106 million in the year 2018, representing an increase of 14.71per cent.

The bank’s total loan portfolio stood at approximately GH¢31.3 million in the year under review as against GH¢24.3 million in 2017 with the bank’s total assets growing from a little over GH¢138 million in 2017 to about GH¢160 million in 2018, representing a growth of 15.69 per cent.

Read: Nzema Manle Rural Bank exceeds BOG’s minimum capital requirement

The bank’s stated capital stood at approximately GH¢3.7 million as of June 2019 which far exceeded Bank of Ghana’s minimum threshold of GH¢1 million.

The Managing Director of ARB Apex Bank Limited, Mr Kojo Mattah, in a speech read on his behalf, commended Atwima Kwanwoma Rural Bank for making very significant progress in the industry since its inception.

He advised the shareholders of the bank to have confidence in the board and support them to deliver their mandate to enable them to give them good returns on their investment.

 

Source: Graphic.com.gh