…bags five others
Amenfiman Rural Bank PLC at Wasa Akropong in the Wasa Amenfi East Municipality in the Western Region has been adjudged the Overall Best Rural Bank in Ghana for the 2022/2023 financial years.
The bank won additional five awards, making six in total — all in one event at the just-ended Rural and Community Banks Excellence Awards Ceremony put together by the Association of Rural Banks, Ghana and the ARB Apex Bank PLC.
The other five include Regional Best Bank – Western Region, RCB With Largest Balance Sheet, Most Profitable RCB – 2nd Runner Up, Best Deposit Mobilisation Bank and Best in Mobile Banking Awards.
The awards ceremony, which is the 5th in the series, was on the theme ‘Building a resilient economy: The role of rural community banks, recognised RCBs with outstanding performance as well as individuals who have contributed immensely to the development of rural and community banks over the 2022/2023 period under review.
One of the outstanding indicators that gave the bank this prestigious recognition is a pretax profit of about GH¢24million in 2023 reviewed year compared to approximately GH¢10.70million in 2022 representing an impressive growth of 127 percent.
The bank not only elevated its service offerings but also achieved remarkable strides in profitability, outshining many of its counterparts in Ghana’s banking sector.
In addition, the bank’s Return on Equity rose to 13.6 percent in 2023 – up from 13.3 percent in 2022, underscoring its utilisation of shareholder equity to drive substantial profit growth.
The bank’s profit margin experienced a robust and encouraging increase propelled by the board and management strategic emphasis on meticulous cost management and a deliberate shift toward high-margin products.
Commenting on the award after the presentation, the CEO of the Bank, Dr. Alex Asmah, said to be recognised as the Overall Best Rural Bank in their cherished industry means a lot of work to maintain the momentum to make more impact in the communities in which the bank operates.
“As a bank with this recognition, we must spare no effort to live up to the expectation of excellence and ensure that we do things right, particularly in the area of corporate governance and regulatory compliance; and be persistent with our vision and mission while we continue to pride ourselves with the success of our clients,” he told Business & Financial Times in an interview.
Dr. Asmah finally dedicated all the six awards to all the customers and shareholders as well as employees of the bank for their commitment to the Amenfiman enviable brand.
