Amantin and Kasei Community Bank, headquartered at Amantin in the Bono East Region has posted strong growth in the financial performance indicators during 2022 year under review.
Against all odds, the Bank was steadfast in its pursuit for growth and maximization of shareholders value. As a result, the bank increased its gross income from a little over GH¢8.14 million in 2021 to GH¢12.15 million in 2022, representing 49.24% change.
The growth in gross income reflected on the Bank’s profit. During the year under review, profit after tax was GH¢1,055,662 which showed 35.66% increase over the previous year’s achievement of GH¢778,151.
Just like other indicators, total deposits went up from GH¢50.95 million to GH¢69.40 million, indicating 36.20% expansion while total assets of the Bank appreciated by 29.32%, thus growing from GH¢60.25 million to GH¢77. 91 million.
On the background of impressive gains, Directors of the Bank proposed payment of dividends to shareholders. A total of GH¢145,087 was allocated as dividends for the 4,030,220 ordinary shares, meaning each share will attract GH¢0.036. However, payment of the proposed dividends is subject to approval by Bank of Ghana.
Addressing 18th annual general meeting of shareholders at Amantin, the Chairman of Board of Directors, Dr. John Oduro-Boateng, said notwithstanding the gains, troubles of the Ghanaian economy eroded potion of the bank’s income through impairment losses.
“The Ghanaian economy experienced an upset in its recovery attempts from the COVID-19 pandemic. A surge in inflation and depreciation of the Ghana Cedi as a trickle-down effect from external shocks placed pressure on the government’s budget for the year 2022. The country’s GDP growth rate fell from 5.1% in 2021 to 3.1% in 2022.
“The monetary policy rate went up by 1,250 basis points (bps) to 27% percent from 14.5 percent in December 2021. The introduction of the Domestic Debt Exchange Program (DDEP) by the government placed a lot of pressure on investment houses in the country, just when Banks were recovering for the Banking sector clean up. This has led to significant impairment loss on the Bank’s investments with some major investment houses,” he said.
CSR
Every year, the bank sets aside 10% of its profit after tax for corporate social responsibility (CSR). In 2022, the bank allotted GH¢191,819 to CSR activities such as completion of Amantin SHS Dining Hall project and donation towards the celebration of Farmers’ Day.
Future Outlook
The Chief Executive Officer of Amantin and Kasei Community Bank, Michael Wilberforce Osae, in an interview said the bank will not relent in its efforts to consolidate the gains and expand growth to impact more individuals and businesses.
He said “the bank will enhance our digital products to make them more user friendly and reduce turnaround time to increase customer satisfaction. We’ll strengthen internal controls system and continue to motivate staff.”
