Amanano Rural Bank records profit

Nyinahin (Ash), June 11, GNA- The Amanano Rural Bank with its headquarters at Nyinahin in the Atwima-Mponua district recorded a net profit of 1.495 billion cedis after tax in 2006 as against 1.020 billion cedis in 2005 representing an increase of 47 per cent. Mr Osei Amo-Mensah, Chairman of the Board of Directors of the bank, who announced this at the 21st annual general meeting at the

wekend, said it was the second time the bank had made a net profit after tax since its establishment in 1983.

He attributed the positive strides to the visionary direction provided by the directors and management of the bank.

Mr Amo-Mensah said total assets of the bank increased from 19.9 billion cedis in 2005 to 31.8 billion cedis in 2006 and mobilized a total deposit of 21.9 billion cedis as against 16.2 billion cedis in 2005. He said over one billion cedis was distributed to 46 groups to

expand their businesses under its micro-finance activities and also

spent 53.9 million cedis as its social responsibilities to communities around its catchments areas.

Mr Amo-Mensah announced that the bank ranked eighth out of the 122 rural and community banks in the country, won an award from the Ghana Investment Promotion Council and the first time it had been

admitted into the Prestigious Ghana Club 100. Before the meeting, some shareholders of the bank had called for

the resignation of the directors explaining that they were not doing their work as expected, citing the late distribution of statement of accounts and expenditure to them.