Anum Rural Bank grows profit
THE Anum Rural Bank posted a profit of GH¢3.98 million last year, as against GH¢2.51 million in 2022. This represents an increase of 58.3 per cent.The total operating income of the bank also increased from GH¢15, 026,554 in 2022 to GH¢20,156,774, indicating a growth of 34.14 per cent.
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The chairman of the Board of Directors of the bank, Martin Adu-Owusu, disclosed this at the 41st annual general meeting of shareholders of the bank at Anum in the Eastern Region.
Mr Adu-Owusu said the total assets of the bank as of December 2023 stood at GH¢82,987,181 as against GH¢69,953, 827, a rise of 18.63 per cent.
The board chairman said the total shareholders’ funds also appreciated from GH¢8, 519, 951 in 2022 to GH¢12,908, 553 in 2023, representing a year-on-year growth of 51.51per cent.
“Following the bank’s adequate liquidity during the year under review, short term investment increased by 23.27 per cent from GH¢24,257, 844 in 2022 to GH¢29, 902, 844 in 2023,” he added.
Mr Adu-Owusu said the total assets of the bank, and shareholders’ funds also recorded significant increases in the year under review, likewise loans and advances, stated capital, and capital adequacy.
Dividend
On dividend, he said, due to the ongoing Atimpoku building project by the bank, and the opening of a new agency of the bank at Dowoda, which were capital intensive, the Bank of Ghana had declined the payment of dividend for the year under review to enable the Anum Rural Bank to complete those projects without difficulty.
“It is our hope that the bank will excel in the ensuing year where the projects will also be completed to enable us to pay dividend for the year 2024,” the board chairman told the shareholders.
He said the bank’s total deposit rose from GH¢55, 400, 917 in 2022 to GH¢61,624, 039 in 2023, a growth of 11.2 per cent.
Community engagement
On community engagement, Mr Adu-Owusu said the Anum Rural Bank continued to enhance the living standards and sustainable development projects with scholarships, charity and donations as part of its corporate social responsibility.
“In all, GH¢70, 418 was spent on those areas to support community development and better the lives of the people,” he added.
Success
The Deputy Managing Director of ARB Apex Bank, Curtis W. Brantuo, commended the board and management of the Anum Rural Bank for its success story, which he said, reflected effective strategic decision-making and operational efficiency.
“It is crucial for the bank to continue this positive trajectory by identifying new growth opportunities and managing risks effectively,” he said.