The Upper Amenfi Rural Bank in the Amenfi Central district of the Western Region has declared a profit before tax of over GH¢1.1million in 2017, the year under review – being a 92 percent increase compared with the GH¢594,806 recorded in the previous year, 2016.
This impressive performance is also complemented by a growing deposit base of over GH¢67.3million recorded in the 2017 financial year, representing a 20.14 percent increase from the GH¢56million in 2016.
The bank’s Stated Capital increased from GH¢1,158,460 in 2016 to GH¢1,489,901 – which also shows an increase of 28.61 percent. The bank’s shareholders were, however, also encouraged to buy more shares despite meeting the Bank of Ghana’s new minimum capital requirement.
Also, the bank’s Total Assets grew from the GH¢61.6million to GH¢75.8million, which marks an increase of 23 percent; meanwhile, Short Term Investment amounted to GH¢30.9million during the year under review, up from GH¢19.7million in 2016.
This feat, which was achieved on the heels of a turbulent financial year that led to takeovers and collapse of many financial institutions, brought Shareholders Funds to GH¢4.8million during the financial year from the GH¢3.7million achieved in 2016.
According to the Board Chairman of Upper Amenfi Rural Bank, Mr. A.C. Amuah, this development shows that the bank’s resources are being used to increase the value of shares.
While announcing that the number of loans granted to customers increased from GH¢16.2million to over GH¢22million during the year under review, he also urged farmers to take advantage of the newly-introduced farmers’ fertiliser loan to increase yield and boost cocoa production in the coming year.
He attributed the bank’s sterling performance, despite unbearable economic challenges encountered during the period, to the continuous support it enjoys from cherished customers and the dint of hard work put in by the staff and management.
As part of plans to position the bank to remain competitive, he mentioned that some Automated Teller Machines (ATM) have been introduced in some branches of the bank, including Asankrangwa, Dunkwa-On-Offin and Sefwi Dwenase.
“Plans are far advanced to install one each at the Sefwi Bekwai and Bibiani branches to fast-track withdrawals by customers at their comfort 24/7,” he added.
Mr. Amuah, who was addressing shareholders at the 29th Annual General Meeting (AGM) at Ankwawso, assured that the bank’s Board will always ensure fundamental principles of good corporate governance are implemented.
He explained that this among others will safeguard the bank from experiencing anything untoward.
He said the bank continues to advance its corporate social responsibilities to serve the people and communities within its catchment areas.
For instance, he listed among others that a number of scholarships have been awarded to various senior high schools in the country, while the Amenfi Central Education Office has also been provided with some computers and accessories.
Additionally, he said the Boa Amponsem SHS was supported with some funds to carry out repairs of their school bus, and assured that the bank will continue to support communities and institutions within its catchment areas when the need arises.