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Samuel Adu Addo (left), Chairman of the Board of Directors of the bank, addressing shareholders last Saturday
Samuel Adu Addo (left), Chairman of the Board of Directors of the bank, addressing shareholders last Saturday

Atiwa Rural Bank makes progress

The Atiwa Rural Bank, last year, posted a pre-tax profit of GH¢1.5 million as against GH¢1.2 million realised in 2021, a 24 per cent rise.

Within the same period, the rural bank increased the total deposits from customers to GH¢49 million as against GH¢34 million recorded the previous year, representing 43 per cent growth.

This paved the way for the rural bank to shore up its investments from GH¢21.5 million in 2021 to GH¢32.9 million in 2022. Again, a 53 per cent hike.

The Chairman of the Board of Directors of the bank, Samuel Adu Addo, made this known at the bank’s 35th annual general meeting of shareholders at Akyem Kwabeng in the Atiwa West District in the Eastern Region last Saturday.

Growth

He said the significant growth of the bank’s financial position was enhanced by increases in loans and advances from GH¢11 million in 2021 to GH¢14.9 million in 2022, representing a 35 per cent growth.

Shareholders last Saturday

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Shareholders last Saturday

The rural bank also grew its assets base by 41 per cent in 2022 and retained much of the gains to improve its shareholders’ funds position from GH¢3.9 million in 2021 to GH¢4.7 million in 2022.

Economic challenges

Mr Addo said it was remarkable that the bank could make such progress last year amidst the stiff economic challenges.

However, the chairman of the board stated persistent and broadening inflation pressures, high interest rates, currency depreciation and growth in government debts to unsustainable levels were part of the factors that worked against the bank.

Reviewing the economy, Mr Addo explained that the challenges listed above led to a general slowdown in the economic activities of the country.

Dividend payment

Regarding the payment of dividends to shareholders, he said the bank applied the Bank of Ghana directive to banks and specialised deposit-taking institutions not to pay dividends for them to address the impact of their participation in the Domestic Debt Exchange Programme (DDEP).

Way forward

The bank, Mr Addo told the shareholders, had planned to open a branch and a mobilisation centre at Nkawkaw and Abomosu respectively, while a piece of land had been acquired at Anyinam for another branch.

He added that the bank would expand its operations at the Techiman mobilisation centre and upgrade it to the status of a full branch in the short term.

Mr Addo also informed the shareholders that the bank would continue to make its services accessible to all people through the development of agencies and mobile banking, adding that the introduction of the GhanaPay App had made banking easier and would continue to make it to clients.

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