Ahantaman Rural Bank supports needy students
A total of 106 brilliant, needy students in the Ahanta West District in the Western Region are currently receiving financial assistance from the Ahantaman Rural Bank Limited to enable them to successfully complete their respective educational programmes.
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In 2013, the bank spent GHC38, 000 to support 44 male and 18 female students who were pursuing various tertiary disciplines, while a total of 44 students, made up of 24 males and 20 females in various senior high schools (SHSs) enjoyed a similar offer.
The Chairman of the Board of Directors, Mr Kwame Awuah Asante, who disclosed this at Agona Nkwanta, also indicated that in 2012, the bank spent GHC40, 282 on the beneficiary students, representing a decrease of 5.7 per cent in relation to the 2013 figure.
Presenting the report of the board at the 26th annual general meeting of shareholders of the bank, he further indicated that during the year under review, the bank continued to focus on its responsibility of improving basic education in the district.
He explained that in collaboration with the district directorate of the Ghana Education Service (GES), the financial institution funded a mock examination for all the junior high schools (JHSs) - both public and private — in the entire district at the cost of GH¢11,000 as against GH¢13,918 expended in 2012.
Support to institutions
Again, Mr Asante disclosed that the bank donated a total of the GH¢23, 155 in 2013 to support the Ghana Prisons Service, Ewusiejoe palace project; presented scholarships to students of the Holy Child College of Education, fenced the Baidoo Bonsu SHS, offered support to traditional councils towards their celebration of the Kundum festival as well as assistance to the Ahanta West SSNIT Pensioners Association. He added that in 2012 the bank provided similar support.
Profit and dividend
However, the board chairman disclosed that his outfit recorded a profit before tax of GH¢1, 441, 701 in 2013, as against the GH¢1,526,554 it registered the previous year, representing a shortfall of 5.5 per cent.
Despite the decrease in the profit margin, Mr Asante said dividend per share went up by 36.4 per cent, for which the board had proposed a total payment of GHC610, 174, representing GHC0.030 per share to members.
For 2012, he said, the bank registered GHC416, 299, which represented GHC0.022 per share, adding that the dividend represented 47.2 per cent of net profit after tax, compared with 30 per cent made in 2012.
Paid-up capital
The chairman, however, advised that in order to enhance the paid-up capital, shareholders should convert their respective dividends into buying shares at thirty pesewas (GHC0.30) per share.
Mr Asante explained that apart from three indicators, namely profit before tax, which recorded -5.5 per cent, investment, -10.9 per cent and advances, -7.9 per cent, the rest, including total assets, deposits, net worth, paid-up capital and fixed assets registered significant gains over the 2012 records.