Amenfiman Rural Bank makes significant strides

The Amenfiman Rural Bank Limited in the Wassa Amenfi East District of the Western Region made a profit after tax of GH¢5, 078,031.49 in 2015 as against GH¢4, 225,259.82 in 2014.

The bank paid total dividends of GH¢ 445, 000 in 2015 as against GH¢ 227, 000 in 2014, its 3,000 shareholders with proposed dividend per share from GH¢0.040 per GH¢0.050.

This represents 25 percent return on investment considering a share price of GH¢0.20 per share.

Dr Toni Aubynn, the Board Chairman of the Bank, made this known at the 32nd Annual General Stakeholders Meeting held at Wassa Akropong.

The Chairman, who doubles as the Chief Executive Officer of the Minerals Commission, encouraged shareholders to purchase more shares to increase their existing shareholdings.

He said “this is the reflection of the growth of the bank therefore we will distribute the benefit of our success to the shareholders in line with our philosophy”.

In spite of macroeconomic challenges in the year under review, he said, the bank increased its deposit by 48 per cent from GH¢59.1 million in 2014 to GH¢87.3 million in 2015, while investment shot up by 71 per cent from GH¢31.7 million to GH¢55.5 million.

In view of this, the bank gave a total of GH¢ 46 million as loans to deserving customers to boost their businesses and entrepreneurship, he stated.

Dr Aubynn described the operating performance of the bank as inspiring and a good reflection of the strategy adopted by the board and pledged to continue supporting the management to come out with innovative products and services in order to position the bank as a leader in the industry.

During the year under review, he said, the bank also received a number of awards for recognition of its contribution to society including improvement in its ranking in the Ghana Club 100 from the 35th position earlier to the 16th in 2015.

Others are a Gold Prize Award for deposit mobilisation at the Business and Financial Excellence Awards organised by the Ministry of Trade and Industry.

In line with the bank’s Corporate Social Responsibility to give five per cent of its profit back to the host communities, the Chairman said, the bank set aside GH¢253,945 to support payment of scholarships for brilliant but needy students, as well as education, health and sanitation facilities.

He said: “Our business focus for 2016 is on driving growth, innovation, efficiency and service as the main pillars in achieving profitability and market leadership and penetrate new markets as well as build stronger, improved and trusted relationships with our clients”.

Mr Alexander Asmah, the Chief Executive Officer (CEO) of the Bank, in an interview attributed the success of the bank to hard work and staff motivation hinged on excellent performance.

He announced that the bank’s shareholders’ capital had increased from GH¢1.1 million in 2014 to GH¢1.5 million in 2015, thus meeting the Bank of Ghana’s requirement for all rural banks to achieve a minimum capital of GH¢1 million in order to continue to be in operation.

The CEO said the bank is considering many institutions that had proposed to invest in the bank and assured that it would continue providing services to its clients who are predominantly farmers in rural communities.