Adonten Community Bank in impressive performance

The Adonten Community Bank at New Tafo in the East Akyem Municipality increased its profit before tax by 43 per cent jumping from GH¢289,486.00 in 2011 to GH¢418,622.10 last year.

The Bank’s net worth also rose from GH¢1,070,000.00 in 2011 to GH¢ 364,541.38 in 2012, an increase of 38.6 per cent. Mr Emmanuel Appiah Korang, Chairman of the Board of Directors, announced this at the 15th Annual General Meeting (AGM) of the bank at New Tafo on Saturday.

Total asset of the bank increased to GH¢8,677,150.55 in 2012, an increase of 37 per cent, while total deposits increased from GH¢4,762,808 in 2011 to GH¢6,647,030.91 in 2012, representing 40 per cent increase.

Investments increased by 73 per cent from GH¢2,105,000.00 in 2011 to GH¢ 3,635,000.00 in 2012. Loans and overdraft facilities granted in 2012 amounted to GH¢3,077,334.75, a 15 per cent increase over GH¢2,670,604.00 in 2011. Gross loans and overdraft amounted to GH¢3,377,882.67 in 2012 as compared to GH¢2,863,271.00 in 2011.

While congratulating the management and staff of the bank on the improvement over the results of the previous year, Mr Appiah Korang noted that there was considerable room for improvement. He indicated that Stated Capital of the bank increased from GH¢512,860.00 in 2011 to GH¢641,970.00 in 2012, representing an increase of 25 per cent.

The Board Chairman urged the shareholders to continue to invest in the bank in anticipation of a further increase in the Stated Capital by Bank of Ghana. Mr Appiah Korang told the shareholders that the Board had proposed a dividend of GH¢2.10 per share amounting to GH¢209,737.50 for the year under review compared to GH¢1.50 in 2011.

He said the bank continued its social responsibility to communities and individuals in its catchment area with 2012 beneficiaries being the District Farmers Day and Ghana National Trust Fund.

“To improve the quality of staff required by the bank, the board is pursuing a policy of internal self-development and training coupled with external recruitment,” he said.

Mr Appiah Korang announced that the board had recently reviewed the pay structure of the bank, saying “the new structure will create opportunities for advancement within the bank for hard working staff and those who develop themselves”.

It will also enable the bank to attract and retain qualified and experienced staff. He noted that staff welfare continued to receive special attention of the Board, adding that staff allowanced had been reviewed upwards for all staff.

“Medical insurance for staff has been introduced. A new scheme has been introduced to leverage Tiers 01 and 02 Social Security contributions to enable majority of our staff to acquire a house by the time of retirement”.