Business News of 2014-07-10

Amenfiman Rural Bank posts 79% growth in profit

The Amenfiman Rural Bank Limited at Wassa Akropong in the Wassa Amenfi East District of the Western Region has posted an impressive operational performance in the 2013 year under review.

The bank continued to show improvements in income generation during the year under review with total income growth of 71 per cent from a little over GH¢6 million in 2012 to approximately GH¢10 million in 2013.

This significant growth is attributed to the performance of various income-generating products rolled out in the market during the reviewed year.

The bank’s profit before tax in 2013 was a little over GH¢4 million which represents a remarkable percentage growth of 79 per cent over the previous year’s profit of approximately GH¢2.3million.

The bank recorded a total deposit of about GH¢44 million in the year under review as against a little over GH¢32million in the previous year, representing 38 per cent growth. This was as a result of the hard-working staff and the mobilisation drive pursued by the management and staff.

The Chairman of the Board of Directors, Dr Tony Aubynn, who is also the CEO of the Minerals Commission, announced this at the Bank’s 30th Annual General Meeting of shareholders held recently at the assembly hall of Amenfiman Senior High School at Wassa Akropong.

According to him, the bank registered a very significant growth in all the performance indicators in spite of the major economic challenges posed by heightened local competition, as well as the negative effects on the operations of the bank.

In line with the Board of Directors’ decision to ensure that the financial returns to shareholders of the bank continue to grow, the board has proposed a dividend of GH¢0.040 per share, amounting to GH¢268,142.36 in monetary terms. The chairman assured shareholders of the bank that the board would continue to make decisions and investments that would be in the best interest of shareholders.

The bank made significant investment in the area of education, health, agriculture and sports during the year under review. A total of GH¢43,120.00 was invested in community activities as part of the bank’s corporate social responsibility.

The bank is currently financing the construction of a laundry at the Wassa Akropong Government Hospital and a Cold Room for the District Health Directorate.

Source: graphic.com
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