Atwima-Mponua Rural Bank shows strong growth

Atwima-Mponua Rural Bank continues to show strong performance amid intense competition in the banking industry with its total assets increasing by 19.82 per cent, last year.

From the previous figure of GH?39,066,895.00, it hit GH?46,810,678.00 in year 2016.

At the same time, the bank’s investment’s grew from GH?13,150,588.00 to GH?17,548,529.00, representing 33.44 per cent rise.

Mr. John Swanzy, the Board Chairman, who announced this, said it posted profit before tax of GH?1,384,758.00 on its operation during the period, compared with the 2015 figure of GH?1,060,835.00.

He was addressing the 33rd annual general meeting of the shareholders at Toase in the Atwima-Nwabiagya District.

He told the owners of the bank that its loans and advances in support of the economic activities of the customers, shot up to GH?13,433,563.00.

This represented a growth of 7.64 per cent over that of 2015’s GH?12,480,509.00.

Total deposits also went up to GH?38,613,218.00 from GH?33,419,227.00.

Mr. Swanzy added that the bank’s stated capital climbed from GH?836,990.00 to GH?1,352,068.00.

He said in fulfilment of one of its core values, it spent a total of GH?96,703.00 on corporate social responsibility and this was in the areas of education and agricultural development.

The Board Chairman indicated that the outlook was good as the government worked hard to restore fiscal discipline and to grow the private sector.

He said the removal some taxes including value added tax on financial services would create liquidity in the economy.

Mr. Kwadwo Matta, Managing Director of the ARB Apex Bank, applauded the bank’s impressive performance and asked that it continued to strengthen internal controls to protect the customers’ money.

It should stick with best practices and act swiftly to dismiss any employee, who engaged in fraudulent activities.

He encouraged the shareholders to increase their shares.