Ahantaman Rural Bank chalks excellent performance
Ahantaman Rural Bank Limited, one of the best and fastest growing rural banks in the Western Region and the country is still making strides.
During the year under review, total deposit increased from GH¢41.7million in 2015 to GH¢54.1 million, representing a growth of 29.7%.
Deposit mobilization vehicles of the bank include daakye investment account, current account, fixed deposit and susu account which is being patronized by customers to improve savings.
Total income recorded was GH¢18.9 million in 2016 as against GH¢14.8 million in 2015, representing an increase of 28.1%.
Mr. Vincent Blaychie Essien, Board Chairman of the Ahantaman Rural Bank Limited mentioned this at the bank’s 29th Annual General Meeting at Agona Nkwanta in the Ahanta West District of the Western Region.
He said, the bank’s total assets grew from GH¢52.6million in 2015 to GH¢68.9million in 2016, showing significant growth of 31.1%- the increase was mainly due to increase in short term investment, loans and advances among others.
He added that the total net loans and advances portfolio stood at GH¢28.7 million in 2016 as compared to GH¢21.2 million giving a rise of 35.4%.
“Your bank posted a profit before tax of GH¢3.8million in 2016 as against GH¢3.1million in 2015 showing an increase of 21.1%- the board of directors and managers have put strategic measures in place to sustain this sterling performance” he said.
Also, he said the total paid-up capital stood at GH¢1,630,846.00 in 2016 as against GH¢1,520,744.00 in 2015, showing a marginal increase of 72%.
According to Mr. Essien the bank has earmarked GH¢45 million as loans to their customers this year – we are therefore calling on all traders, contractors, farmers into oil palm, rubber, cocoa, rice and vegetables to wake up to the call that the bank, is ready to support you to meet your financial needs.
He stated that the bank spent GH¢109,943 during the year under review on its corporate social responsibilities on scholarship to 95 students in its catchment area, supported Radio Ahanta, Takoradi Technical Institute, Axim government hospital, Egyam Catholic Primary among others.
“As part of the bank’s expansion strategies, two mobilization centres have been opened at Wassa Benso and Twifo Praso-we have also established a cash collection centre at the Nima Hima Dekyi Hospital at Dixcove, we will continue to broaden our operations but judiciously” he said.
He noted that deposit mobilization continues to be a high cost to banks as interest rate remains relatively high and that these indicators have the tendencies to negatively affect the capacity building of rural Banks.
“We however expect effective implementation of government’s new programmes as enshrined in the 2017 budget to have positive impact on the operations of rural banks- rural banks by nature of their business and the areas they operate in, will require government interventions from time to time to sustain growth” he pointed out.
Therefore, he called on government, the minister of finance, the Ghana Revenue Authourity and all stakeholders to consider reducing the 25% Corporate Tax to enable Rural Banks and in business and continue to support the rural folks.
“Again, I am appealing to government to consider channelling through rural banks (when the time comes) some of the funds earmarked for projects such as the planting for food and jobs, the one district-one factory, and one constituency- one million dollars funding” he said.
He said the bank is in readiness to partner with the District Assemblies and all stakeholders to manage all the funds that will come to Ahanta West and all other constituencies the bank operate in.
In an address read on behalf of Mr. Alex Awuah, Acting managing Director of ARB Apex Bank Limited, he noted that the profits achieved by the bank and other financial indicators, details of which have been disclosed are sufficient evidence of the effective and efficient management of the resources of the bank.
“The bank as at December 2016 had a gross advances of GH¢29.3 million, an increase of GH¢1.7 million over the previous year – this placed the bank, the first in the Western Region and the second in the country” he said.
Additionally, he said bank’s stated capital now stands at GH¢1.6 million, far above the Central Bank’s stated capital requirement for Rural and Community Banks by the end of December 2017.
“I wish to commend the board, management and staf and more importantly, the distinguish shareholders of Ahantaman Rural Banl Limited for your hard work, commitment and dedication to duty” he added.
He appealed to staff and management to ensure customers complaints are efficiently and timely addressed to retain old ones and attract new customers as well – the Apex Bank has launched a vigorous training on excellent service for staff of RCBs.
He challenged the bank to identify peculiar needs and tailor-made products for their consumption while the Apex Bank continues to roll out new products for all RCB’s across the country.