Okomfo Anokye Rural Bank gets BoG’s exceptional approval to pay dividend
Okomfo Anokye Rural Bank PLC at Wiamoase in the Sekyere South District of Ashanti Region has received exceptional approval of the Bank of Ghana to pay dividend to their shareholders.
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This is because the Bank met all the conditions necessary for the payment of dividends to shareholders in accordance with the law. In view of the above, the Directors of the bank recommend a dividend of GHP0.38 with a total of GH¢336,717.07 to all shareholders whose names appeared on the Bank's shareholders' register as at December 31, 2022
The Central Bank gave a directive to all deposit taking institutions which includes all rural and community banks not to pay dividend to their shareholders after the financial sector clean up exercise, COVID-19 pandemic and the most recent Domestic Debt Exchange Programme embarked upon by the Government of Ghana, however Okomfo Anokye Rural Bank has been able to satisfy all conditions required to pay dividend to shareholders which has been approved by the Bank of Ghana.
The Bank having made the effort to put the bank back on the path of growth and profitability, has recorded a remarkable growth in all indicators in the 2022 year under review.
The Bank recorded a profit before tax of approximately GH¢1.9 million in the 2022 from about GH¢1.33 in the previous year representing a satisfactory growth of 42.57%.
In spite of the challenges facing the Bank as a result of the financial sector clean up, the COVID-19 pandemic and the most recent Domestic Debt Exchange Programme embarked on by the Government of Ghana, the Bank has returned to the path of high profitability as a result of prudent measures put in place by the Directors and Management.
Shareholders of the bank have therefore been assured that management and directors would continue to work very hard to put in place the necessary internal control mechanisms to ensure that the bank competes favourably with its peers and satisfy the expectations of shareholders accordingly.
Balance Sheet
The size of the Bank's Balance Sheet increased by 35.96% from GH¢ 101 million in 2021 to GH¢137 million in 2022. The growth was driven by increase in deposits due to the confidence reposed in the Bank’s clients. Fixed Assets on the other hand increased marginally by 0.71% during the year under review from GH¢ 9.1 million in 2021 to GH¢ 9.2 million in 2022.
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Deposits of the bank grew by 32.92% from GH¢ 93.4 million in 2021 to GH¢124.2 million in 2022.