Amantin & Kasei Community Bank posts satisfactory growth

The Amantin & Kasei Community Rural Bank, headquartered at Amantin in the Atebubu-Amantin Municipality of Brong Ahafo Region during 2017 review recorded satisfactory growth in all the performance indicators.

The assets of the bank grew by 13.55%, surging from GH¢22.87 in 2016 to GH¢26.46 million. Total deposits recorded an increase from GH¢17.55 million to GH¢21.18 million, indicating a reasonable growth of 17.12%.

The bank posted a pre-tax profit of GH¢759,177, which was quite good amidst the very challenging operational and economic conditions. Of the figure, GH¢339,795 was paid as tax, leaving a profit after tax of GH¢419,382. Addressing the 13th annual general meeting, the Board Chairman of the Bank, Dr. John Oduro-Boateng lamented at the 25% corporate tax as a huge toll on its profit, indicating that it took a large chunk of the accumulated profit, hence the declaration of low profits in comparison with the some years back.

The bank managed to exceed the GH¢1 million minimum capital requirement as at the close of December 2017. The bank increased its stated capital by GH¢55,769 from GH¢1.36 million in 2016 to GH¢1.42 million, representing a marginal increase of 3.91%. Details of the bank’s performance are captured in the table below.

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Per the satisfactory performance, Dr. Oduro-Boateng said Directors of the Bank resolved and recommended the payment of GH¢46,241 from the profit after tax as dividend. This works out as GH¢0.0122 dividend per share on the subscribed 3,790,256 ordinary share investments in the community bank.

The bank, he indicated, is still sensitive to giving back to society by allocating 10% of its profit after tax to that purpose. He said with an opening balance of GH¢53,829.12 from the previous year, GH¢49,123.74 was used to support various developmental projects across the catchment area of the bank.

The Board Chairman pointed out that the bank will continue to be abreast with the growing trend of technology in the banking industry to deepen relationship with customers to offer superior customer service experience and innovative products amongst its peers. Besides technological advancements like upgrade of the Temenos T24 banking software and introduction of UConnect mobile banking application and SMS alerts, the bank is liaising with ARB Apex Bank to install ATMs to help reduce customer turnaround time, he added.

“We remain optimistic about the prospects of the 2018 economy and the years ahead. It is expected that that various policies outlined by the government will boost the growth of the business environment. In so doing, the bank has and will continue to implement good strategies to ensure that the vision of the bank is achieved whilst maximizing the valuable investments of shareholders,” he stated.

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The General Manager of Amantin & Kasei Community Bank, Michael Wilberforce Osae in an interview with B&FT said the bank remains afloat largely because of the application of due diligence in its operations as well as strict adherence to the industry regulations. He revealed that the bank has completed the establishment of its branch at Kumasi-Kejetia, pending Bank of Ghana’s approval to commence operation there.

ITEM 2016 (GH¢) 2017(GH¢) % CHANGE
Deposits 17,557,939.18 21,184,119.00 17.12
Loans & Advances 9,990,807.38 10,987,703.00 9.07
Investments 6,644,293,70 7,699,294.00 13.70
Total Assets 22,877,059.46 26,461,614.00 13.55
Stated Capital 1,369,706.80 1,425,476.00 3.91
Gross Income 5,615,518.08 5,973,164.00 5.99
Profit after tax 731,427.98 759,177.00 3.66
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