Adonten Community Bank increases profits

The Adonten Community Bank at New Tafo in the East Akyem Municipality increased its profit before tax by 43 per cent from GH¢289,486.00 in 2011 to GH¢418,622.10 last year.

The bank’s net worth rose from GH¢273, 771 in 2011 to GH¢364,541.38 in 2012, an increase of 38.6 per cent. Mr Emmanuel Appiah Korang, chairman of the board of directors, announced this at the 15th Annual General Meeting (AGM) of the bank at New Tafo.

Total asset of the bank increased from GH¢6,354, 000 in 2011 to GH¢8,677, 150.55 in 2012, an increase of 37 per cent, while total deposits increased from GH¢4,762,808 in 2011 to GH¢6, 647,030.91 in 2012, which represents a 40-per cent increase.

Mr Appiah Korang said investments increased by 73 per cent from GH¢2,105,000 in 2011 to GH¢3,635,000 in 2012. “Loans and overdraft facilities granted in 2012 amounted to GH¢3,077,334.75, a 15 per cent increase over GH¢2,670,604 in 2011. Gross loans and overdraft amounted to GH¢3,377,882.67 in 2012 as compared to GH¢2,863,271.00 in 2011,” he said.

While congratulating the management and staff of the bank on the improvement over the results of the previous year, Mr Appiah Korang noted that there was considerable room for improvement. He indicated that the stated capital of the bank increased from GH¢512,860 in 2011 to GH¢641,970 in 2012, representing an increase of 25 per cent.

The board chairman urged the shareholders to continue to invest in the bank in anticipation of a further increase in the stated capital by the Bank of Ghana. Mr Appiah Korang told the shareholders that the board had proposed a dividend of GH¢0.21 per share amounting to GH¢209,737.50 for the year under review compared to GH¢0.15 in 2011.

He said the bank continued to exercise its social responsibility to communities and individuals in its catchment area. “To improve the quality of staff required by the bank, the board is pursuing a policy of internal self-development and training coupled with external recruitment”.

Mr Appiah Korang announced that the board had recently reviewed the pay structure of the bank, saying “the new structure will create opportunities for advancement within the bank for hard-working staff and those who develop themselves”. It will also enable the bank to attract and retain qualified and experienced staff.