In spite of the decline in its profits for the year ending 2017, owing to the increase in corporate tax, the Atwima Kwanwoma Rural Limited (AKRBL) has increased dividends paid to its shareholders by 8.95 per cent.
During the previous year, the bank paid GH¢0.0950 dividend per share and increased it to GH¢0.1000 in the yea even though its profit after tax dipped by 14.34 per cent.
For its performance for the year ending 2017, the bank posted a profit after tax of GH¢5,946,910.00 as opposed to GH¢6, 942,021.00 it made the previous year.
Addressing the 35th Annual General Meeting (AGM) of the bank, the Board Chairman, Mr Prince Owusu, explained that even though the bank’s performance of the year decreased as compared to
what it made the previous year, its profit after tax was further reduced due to the increase in corporate tax from eight per cent to 25 per cent by government.
In 2016, the bank posted a profit before tax of GH¢9,330,220 as compared to GH¢8, 296,910 for the year under review.
“Despite the challenges in the financial year, the bank had favourable indicators against that of the previous year 2016, with the exception of income and profit for the year which recorded a slight drop.”
He said the bank had also been able to exceed its minimum capital requirement as set by the central bank.
added that the bank’s stated capital was now GH¢3,058,721.00 as compared to the GH¢1 million requirement from the Bank of Ghana.
Mr Owusu asked shareholders of the bank to be good ambassadors of the bank and to spread the ‘gospel’ to others.
He encouraged the shareholders to continue to repose their trust in the management of the bank and allow it to grow their investments for them.
He pleaded with them not to be swayed by the current panic withdrawals by depositors for fear of the collapse of the banks.
According to him, AKRBL is solid as gold and assured them of the safety of their investments.
He said the bank was the leading rural bank in the country and had earned several awards as the best rural bank in the country at the recent Ashanti Financial Services Excellence Awards and also won the gold award in the 2018 Ghana Business and Financial Services Excellence Awards.
Some staff of the bank were also rewarded for their long service to the bank.