Amansie West Rural Bank posts remarkable growth

The Amansie West Rural Bank at Antoakrom in the Amansie West District of Ashanti Region has posted a very remarkable growth in all the financial indicators in the 2012 year under review.

The Bank posted a net profit of approximately GH¢916,700 in the 2012 period under review as against a little over GH¢729,500 in the previous year, representing a satisfactory growth of 26%.

The Bank recorded total deposits of about GH¢26million in 2012 as against a little over GH¢20.4million in the previous year, representing 27% growth. This was due to the intensified mobilisation drive pursued by directors and management coupled with ever-increasing public confidence in the operations of the Bank.

The Chairman of the Board of Directors Mr. Isaac Okyere Antwi, a legal practitioner, announced this at the 28th Annual General Meeting of shareholders held last Friday at the Amansie West District Asembly Hall at Manso Nkwanta in Ashanti. According to him, the general widespread uncertainties in the global economy continued to impact negatively on the Ghanaian economy in the year 2012. The financial sector, and for that matter the banking industry, was not spared.

He mentioned further that factors such as the periodic review of Government’s financial and monetary policies vis-à-vis the pressure on the local currency, stiff competition from Microfinance institutions and other players of the industry as well as the unpredictable power outages before and during the last quarter of the year, all posed challenges to the growth of Rural Banks in the country.

In spite of the challenges mentioned, the Bank performed creditably well during the year under review as depicted in the table.

The Directors of the Bank have recommended dividend payment of GH¢0.021or ¢210 per share for the year under review. The total dividend proposed for the year is GH¢207,424.

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¢34,030 was spent in this direction and as part of the Bank’s corporate social responsibility.

Areas that benefitted included education, health, security, sports and district Farmers’ Day celebrations. Others include Amansie West District Education Directorate, donation of computers and accessories to Kensere Nkwanta D/A Primary School, sponsorship of Bekwai Municipal GES zonal sports competition, and support for National Service Personnel Association’s (NASPA) Hostel building project at Bekwai among others.

The Bank at the AGM in addition presented twenty (20) street bulbs and accessories to the Manso Nkwanta Town Development Committee to support the township’s street-lighting project.

The 28th AGM also coincided with the inauguration of a new office building for the Manso Nkwanta branch -- a mighty edifice and the biggest so far among all the Bank’s branches.

A new branch office has also been completed on the campus of Akrokeri College of Education at Adansi Akrokeri. The Bank of Ghana has authorised its establishment, and it will be operational in the next few months.

The Chairman was happy to announce that, presently, seven out of the nine office accommodations are the bank’s properties: these are Bekwai, KASS Campus, Manso Adubia, Manso Nkwanta, Central Market, Antoakrom and Akrokeri.

The Board Chairman in his concluding remarks acknowledged the commitment of the Board, Management and staff to the objectives of the Bank -- recounting that their individual and collective efforts have culminated in the significant improvement of the Bank’s operational results for 2012.