Total assets of the Atwima Kwanwoma Rural Bank hit GH?118,020,418.98, last year, the Board Chairman, Mr. Patrick Owusu, has announced.

Downturn

He said this represented a 23.45 per cent growth over the year 2015 figure of GH¢95,604,041.35.

The bank’s investment portfolio also grew from GH¢63,358,605.60 to GH¢79,302,811.52 during the period.

He was speaking at the 34th annual general meeting of the shareholders at Pakyi Number Two, in the Amansie West District.

He told the owners of the bank that its profit before tax shot up to GH?9,330,219.64 from GH¢7,832,425.23, an increase of 19.13 per cent.

Mr. Owusu, however, said due to the increase in corporate tax from eight to 25 per cent, the recorded profit after tax came to GH?6,942,020.55

That, notwithstanding, the board recommended the payment of dividend of GH¢0.0950 per share amounting to GH¢1,356,098.88, which was an increase of 11.77 per cent over the previous year’s dividend paid.

He put the total deposits mobilized at GH¢87,007,400.20, compared with GH¢72,341,099.81 in 2015.

At the same time, it disbursed GH¢28, 626,610 in loans and advances to its customers.

He spoke of significant increase in its equity from GH¢19,502,358.02 to GH¢25,857,272.75.

He said being a good corporate citizen it supported various community development projects in its operation area to the tune of GH¢73,650.00.

Mr. Maxwell Donkor, Head, Banking Operations Department, ARB Apex Bank, applauded the bank for its strong performance and urged rural banks’ to focus more effort on ensuring efficient credit management.
GNA/Newsgahana.com.gh

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