Business News of 2013-12-03

Atwima Mponua Bank grows strong

The Atwima Mponua Rural Bank Limited at Toase in the Atwima Nwabiagya District of Ashanti Region has recorded a total profit of approximately GH¢990,986 in the 2012 year under rview as against GH¢589,635 in 2011representing -- a very remarkable 68% growth.

The bank put up a very satisfactory performance in all other areas including Deposits, Investments, Loans & Advances, Total Assets, Shareholders’ Funds, and Stated Capital.

These and more were made known by Chairman of the Board of Directors, Mr. Charles Opiah Mensah, during the Bank’s 29th Annual General Shareholders’ meeting held last Friday.

In respect to these difficulties that had to be surmounted, the Bank redefined its operational strategies considering its strength, weaknesses and the external threats and opportunities to mitigate the far-reaching effects.

In line with the 25% dividend policy adopted by shareholders at the bank’s 2008 AGM, the Board has proposed dividend payment of GH¢0.0587 per share amounting to GH¢222,385 as against GH¢0.0338 per share amounting to GH¢125,561 proposed the previous year.

Considering the numerous projects ahead of the Bank, such as the Toase School Project, the opening of new agencies, renovation of other agency premises, replacement of fixed assets and several others -- especially construction of new banking premises at Mankranso Agency, the Board has proposed that no dividend is paid and the proceeds be used to carry out the activities mentioned above.

The bank continued to offer assistance to communities and institutions within its operational territories in terms of community development projects. A total amount of GH¢47,480 was spent in this direction and as part of the bank’s corporate social responsibility. Areas that benefitted included education, district Farmers’ Day celebration, donation toward national projects, among others.

Out of the amount committed into corporate social responsibility, approximately GH¢37,388 alone was spent on the construction of the Toase School Project. So far, three (3) classroom blocks have been completed for occupation as earlier promised by the board.

“We promise that more funds will be made available in the 2014 annual budget to continue and if possible complete the ground floor.”

The Board Chairman in his concluding remarks on behalf of the Board expressed his appreciation to the Management and Staff of the bank for their contribution to the successful results achieved all these years.

The General Manager, Mr. Mogtari Issah in an interview with Business & Financial Times said he and his management team will continue to pursue policies aimed at maximising more profits and giving exceptional customer satisfaction.

He emphasised that the bank would continue to pursue massive share and deposit mobilisation, follow stringent cost reduction policies, strengthen internal control measures, and develop the human capital to meet demands of functioning profitability in the competitive environment.