Enyan Denkyira Rural Bank increases profit
The Enyan Denkyira Rural Bank Limited made an impressive profit before taxation of GH¢264,824 as against GH¢194,915 in 2014 representing 35.87 % increase in profit.
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The Board Chairman of the Bank, Dr William Panford Bray who disclosed this while addressing the 34th Annual General Meeting (AGM) of the bank, said that despite an unfavourable micro environment, the bank delivered reasonable results through the combination of consistent measures which included prudent cost management practices, steady growth in low cost deposits and improved asset.
According to him, during the period under review, the bank grew its total assets by 10.97% from GH¢6,427,033 in 2014 to GH¢7,132,147 in 2015.
He stated that liabilities of the bank also grew by 10.48% from GH¢5,156,272 in 2014 to GH¢5,696,565 in 2015 whiles its equity also increased by 12.97% from GH¢1,270,761 in 2014 to GH¢1,435,582 in 2015.
He mentioned that the bank’s stated capital has increased appreciably from GH¢428,214 in 2014 to GH¢521,867.
The Board Chairman indicated that in line with regulatory guidelines on the provision of capital reserves, the board proposed a maximum allowable dividend of GH₵0.0130 per share for the year.
He noted that the board believed that it was a prudent balance between maximizing shareholder value and the need to plough back sufficient funds into the bank’s operations for future business growth.
He appealed to the shareholders to re-invest at least 25% of their dividend to enhance the operations of the bank.
Apex Bank
The Deputy Managing Director of the ARB Apex Bank, Mr Alex Awuah commended the directors and staff of the bank for their commitment and hard work that had ensured that the bank made impressive profit.
He urged the bank to continue to keep proper records to prevent fraudulent transaction which had characterized some four banks in the central region.
He added that his outfit would continue to ensure good governance in all rural banks so as to protect the savings of shareholders.
DCE
The District Chief Executive for Ajumako-Enyan-Essiam, Mr Peter Light Koomson added his voice to the call for shareholders to purchase more shares to sustain the operations of the bank.
He called on people in the area to do business with the bank to ensure that the bank remained competitive in the banking industry.
