Amenfiman Rural Bank records growth
The Amenfiman Rural Bank Limited at Wassa Akropong in the Wassa Amenfi East District in the Western Region posted an impressive operational performance in 2015.
The bank posted a net profit of GH¢5 million in 2015 as against a little over GH¢4.2 million in the previous year, representing a growth of 20 per cent with improved revenue generation, raising total income from a little over GH¢15.3 million to GH¢21.2 million, representing 35 per cent growth.
The bank’s total deposits grew during 2015 from GH¢59.1 million to GH¢87.3 million, representing 48 per cent of the 2014 performance.
The balance sheet grew from GH¢73.1 million in 2014 to GH¢105.4 million in 2015. The growth was supported by high deposit mobilisation and profitability. Paid up capital grew by 36 per cent from GH¢1.1 million to GH¢1.5 million.
The Chairman of the Board of Directors of the bank, Dr Tony Aubynn, announced these at the bank’s 32nd Annual General Meeting of shareholders held at the assembly hall of the Amenfiman Senior High School at Wassa Akropong.
Operating environment
According to him ,Ghana’s economy experienced slow growth for the fourth consecutive year in 2015. The country could not achieve its GDP growth target of 5.2 per cent but instead maintained a growth rate of 3.4 per cent.
He said the regulatory challenges with the microfinance institutions in 2015 impacted negatively on the microfinance sector of the banking industry, as well as the microfinance sector and affected all the players in the industry, including rural and community banks.
Dividend
In line with the Board of Directors’ decision to ensure that the financial returns to shareholders of the bank continue to grow, it proposed a dividend payment of GH¢0.040 per share, amounting to GH¢277,625 in monetary terms.
The chairman assured shareholders of the bank that the board would continue to make decisions and investments that would be in the best interest of shareholders.
Awards
During the year under review, the Amenfiman Bank was recognised and rewarded for it’s contribution to society and banking practice. In addition, the board chairman and the chief executive officer also received several awards for their role in improving the fortunes of the bank.
Notable among the recognitions was the International Millennium Medal for the bank’s contribution to achieving the MDGs in areas such as reduction of extreme hunger and poverty, improvement in health care and maternal mortality, and providing universal primary education for all children of school age.
2016 Outlook
The Chief Executive of the bank, Mr Alex Asmah, told the Daily Graphic in an interview that the bank’s business focus in 2016 was on driving growth, innovations, efficiency and service as the main pillars in achieving profitability and market leadership in 2016.
“We will push for more market penetration as we develop new markets and build stronger, improved and trusted relationships with our clients. As always, with prudent management of resources and hard work of our employees, 2016 will be another good year,” he said.