Amenfiman Rural Bank records 78 per cent Profit In 2016

The Amenfiman Rural Bank Limited recorded an impressive performance in the 2016 financial year to emerge the leading rural bank in the country.

During the year under review, deposits grew by 47.5 per cent from GH¢87.3 million in 2015 to GH¢128.3 in 2016 with a growth in investment portfolio by 45.5 per cent from GH¢55.5 million in 2015 to GH¢80.8 in 2016.

The bank however made a profit before tax of GH¢9.98 million in 2016 representing 78 per cent as against 20 per cent in 2015.

Board Chairman of the Bank, Dr. Toni Aubynn gave the highlights of the financial performance of the year ended 31st December, 2016 during the 33rd Annual General Meeting (AGM) at Wassa Akropong in the Amenfi East District of the Western Region.

The meeting brought together major stakeholders such as members of the Board of Governors, staff, Chiefs, shareholders, customers and a cross-section of the general public.

Dr Aubynn was impressed with the 78 per cent profit margin in 2016 which he described as unprecedented in the history of the bank.

He outlined the total operating income for 2016 as GH¢30,460,607 as against GH¢21,246,744 in 2015 adding that the introduction of market-focused, customer- centric products to give the bank the needed competitive advantage in the market.

Dr Aubynn announced that an amount of GH¢80 million had been earmarked for farmers and Micro Small and Medium Enterprises (MSME) within its rural communities IN 2017.

He said a total of GH¢64 million out of proposed GH¢66 million was given out as loans to MSME in its operational areas.

The Chief Executive Officer (CEO) of the Bank, Dr. Alexander Asmah said the bank had many branches and would continue to open new ones in the country.

He said the bank was ready to assist the government in the execution of the One District, One Factory policy to create more jobs for the people especially the youth.

Dr Asmah appealed to government to deposit the bank's share of the District Assembly's common fund should be deposited into the bank's account but not through the commercial bank at Tarkwa since they worked directly with the Assembly.

He hinted that an ATM service would be introduced to enhance monetary transactions by the end of this year.

Mr Asmah announced that the bank would establish a University at Wassa Akropong and hand it over to the chiefs in the area as part of its corporate social responsibility.

He said the ban on small scale mining popularly called galamsey had affected the financial position of the bank.

The Acting President of the Wassa Amenfi Traditional Council, Nana Tetrete Okuamoah Sekyim in a speech read on his behalf, thanked banking officials and shareholders for prudent financial management and asked shareholders to have confidence in the bank.

On the University project, he said the matter would be discussed at the traditional council and release land to build the school.

Nana Sekyim thanked the bank for the laudable initiative to make University education accessible to school children in the area.

He pledged the readiness of the traditional council to assist the bank to realise its vision for the area.