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Atwima Mponua Rural Bank doubles profit growth

BY: News Desk Report
Alex Kwasi Awuah  (left), MD, ARB Apex Bank, and Mrs Constance Phyllis Puttick, Board Chairperson,  Atwima Mponua Rural Bank, at the AGM
Alex Kwasi Awuah (left), MD, ARB Apex Bank, and Mrs Constance Phyllis Puttick, Board Chairperson, Atwima Mponua Rural Bank, at the AGM

The Atwima Mponua Rural Bank PLC at Toase in the Atwima Nwabiagya District in the Ashanti Region has posted a pre-tax profit of over GH¢1 million as against approximately GH¢550,000 in 2021.

The latest profit represented a growth of about 100 per cent.

The board has consequently proposed a dividend payment of GH¢0.014 per share on 14,336,840 ordinary shares which qualified for dividends as per the closure of the register on October 31, 2021.

This amounts to GH¢200,715.76, representing 25 per cent of the bank's net profit which is subject to approval by the Bank of Ghana.

Meanwhile, the board has applauded the patience of the shareholders and commended their faith in the directors’ ability to continue to deliver value to the bank.

Event

The Chairperson of the Board of Directors, Constance Phyllis Puttick, made these known at the bank’s 38th annual general meeting of shareholders at Toase.

The banking sector remained sound and well capitalised with strong growth in total assets and deposits throughout the year 2021 despite the effects of the challenges posed by COVID-19.

Mrs Puttick expressed delight that the period of her stewardship had seen a cumulative year-on-year growth of 35.8 per cent in total assets, 84 per cent in short-term investments and 42 per cent in deposit mobilisation.

She gave an assurance that the Board of Directors was committed to ensuring good corporate governance in line with the Bank of Ghana’s directives to ensure that the bank remained profitable and strong to meet the expectations of all its stakeholders.

The President of the Ashanti Chapter of the Association of Rural Banks, Patrick Owusu, urged the shareholders to have confidence in the ability of the board and management to improve the fortunes of the bank.

He further advised shareholders to increase their shareholdings with the bank and anticipate long-term benefits with their investments.

Financial inclusion

The Chief Executive Officer of the bank, Felix Owusu-Achiaw, said the bank would continue to play a significant role in the government's financial inclusion agenda.

He said the bank was poised to even do more as it had begun to leverage the available technology to serve its customers better, as well as improve efficiency and service delivery.

According to him, the bank would continue in the area of managing the credit needs of the small and medium enterprises, as well as improve upon the support it offered to the informal sector of the economy.

The bank offered assistance to communities and institutions within its catchment areas in terms of community development projects and financial support which amounted to GH¢111,020.

The major economic areas that benefitted include education, health, sports, recreation, chieftaincy and security.