Amantin and Kasei Community Bank PLC at Amantin in the Bono East Region has posted satisfactory growth across all performance indicators in the 2021 financial year review.
The bank mobilised deposits to the tune of GH¢50.96million in 2021. The figure shows a 14.44 percent growth over the previous year’s achievement of GH¢44.53million. In the same vein, loans and advances disbursed during the year increased from a little over GH¢10.88million to GH¢14.12million, representing 29.77 percent growth.
The total of short-term investments made by the bank in 2021 was GH¢24.43million. This figure signifies an appreciable increase of 47.35 percent over the 2020 figure of GH¢16.58million. Growth of the above indicators, coupled with other performances, boosted the bank’s total assets from GH¢49.99million to GH¢60.25million – which indicates an appreciation of 20.50 percent.
The Board Chairman of Amantin and Kasei Community Bank, Dr. John Oduro-Boateng, disclosed these performances during the 17th annual general meeting of shareholders held at Amantin. He said the bank’s achievement reflected on income generation.
Gross income, he indicated, improved by 18.05 per cent; increasing from GH¢6.89million in 2020 to GH¢8.14million 2021. On the other hand, the bank recorded a marginal decline in profit after tax of 14.24 percent, changing from GH¢907,351 to GH¢778,151.
Despite posting profit, the bank could not declare dividends for shareholders. According to the Board Chairman, this was because of the bank’s inability to meet requirements for the declaration and payment of dividends as per Bank of Ghana’s directive – adding that “a number of corrective measures continue to be implemented to improve upon the bank’s assets quality”.
Meanwhile, the bank’s stated capital as of December 31, 2021 was GH¢1,540,206.
The bank will continue to invest in technology and pursue a digital roadmap that enables it to provide superior service to customers, Dr. Oduro-Boateng assured.
In an interview, General Manager of Amantin and Kasei Community Bank, Michael Wilberforce Osae, said on the background of increased deposits, the bank will expand its agricultural loan portfolio to meet high demand for credit to boost production and enhance food security for economic growth in the country.
“The year 2022 has been very good for the bank, and we hope to double last year’s profit. The bank also plans to reduce loan loss provision from 17.71 percent to 14.2 percent,” he said.
