Atwima Kwanwoma Rural Bank bags GH¢9.4m profit before tax
Atwima Kwanwoma Rural Bank PLC at Pakyi No2 in the Amansie Central District of Ashanti Region has recorded yet another remarkable operational performance in the 2022 year under review.
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The Bank recorded a profit before tax of approximately GH¢9.4 million in the 2022 reviewed year as against a little over GH¢ 7million in the previous year representing a remarkable growth of 33.39%. Consequently, profit after tax increased from GH¢ 4.9 million in 2021 to approximately GH¢7 million in 2022 representing an increase of 41.75%.
Due to the Domestic Debt Exchange Program [DDEP] effect on banks in general, the Bank of Ghana directed all Banks and Deposit Taking Institution not to declare Dividend.
The Central Bank further directed that any bank or institution that wants to pay dividend must show evidence of readiness and technical justification for approval, which Atwima Kwanwoma Rural Bank easily “passed the test”
In this regard, the Bank of Ghana has approved the payment of Dividend for the year 2022 and therefore the Board has presented a proposal for a dividend payment of GHs 0.090 per share representing 18% of return on shareholder’s investment for the year 2022.
In all 15,583,233 ordinary shares qualify for the dividend as at the closure of register on September 30, 2022 and this amounts to GH¢1,402,490.97. Meanwhile, the Board has assured shareholders that they would continue to work harder to ensure dividend payment in subsequent years.
The Chairman of the Board of Directors, Rev. Dr Emmanuel James Owusu Bonsu, announced these at the Bank’s 40th Annual General Meeting of shareholders and the climax of 40h Anniversary celebration held last Saturday at the forecourt of the Bank’s Head office at Pakyi No 2 near Kumasi in Ashanti.
Operational Environment
According to him, Ghana's economy was confronted with considerable challenges in the year 2022 with the economy growing by 3.1% in 2022, against 5.1% recorded in the preceding year.
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The Country recorded a high inflation of 54.1% as at December 2022. The cedi also depreciated by 30% against the US dollar compared to 4.1% depreciation in 2021.
This coupled with the inflationary pressures drove cost of essential items such as fuel, utility and rent to an all-time high during the year 2022.
Operational Performance
In spite of the above mentioned macroeconomic and other external challenges the Bank still remained strong and resolute in the market to achieve good results Corporate Social Responsibility
In the year under review the bank spent a total amount of GH¢ 120,306.00 on Corporate Social Responsibility activities towards the stakeholders within its catchment areas with special focus on Health, Education, Security, Agriculture and other social needs
The Bank was also selected and honored with the topmost PLATINUM AWARD at the 16th Ghana Premier Business and Finance Excellence awards which took place at the Coconut Grove Regency Hotel, North Ridge, Accra among others.
The bank opened the eleventh branch at Adum Business Centre in Kumasi. This is in conformity with the expansion of the bank's branch networks to reach every community within its catchment Area.
The Bank is exploring another area within Kumasi or Greater Kumasi to open another branch to bring services to the doorstep of the people in the chosen communities.
The CEO of the Bank, Samuel Bonsu Sekyere in an interview with Daily Graphic said the year under review the bank was able to achieve sustainable growth, including developing digital platforms, product innovation, improved Staff and Board career advancement through training and innovative programs.
According to him, Plans are advanced in the coming years to improve the digital and technological platforms of the Bank.
He disclosed that the Bank is introducing cutting edge technology and innovation to grow income and profits this year and beyond in order to achieve the Bank's vision to consolidate and sustain its leadership in the rural banking industry.