The Atwima Kwanwoma Rural Bank recorded a net profit of GH¢4.43 million in 2014 as against GH¢3.52 million in 2013.
This represents a 25 per cent growth in the period under review.
Total assets of the bank also grew from GH¢62.52 million in 2013 to Gh₡74.39 million in 2014, representing an increase of 19 per cent.
The bank’s investment saw a rise from GH¢38,241,946.52 in 2013 to GH¢46,237,272.28 in 2014, representing an increase of 20 per cent.
The Board Chairman of the bank, Mr. Patrick Owusu, who announced this at the bank’s 32nd annual general meeting at Pakyi No. 2., explained that despite the harsh economic conditions such as the high inflation rate and unpredictable and uncontrollable economic conditions that confronted the nation during the last economic year, through the adoption of prudent measures, the bank made progress.
He pledged the bank’s support to the development of the nation by diversifying its operations to create jobs for many people, especially those in its operational area.
The board chairman showed three awards the bank won during the last fiscal year to the shareholders. These included the Overall Best Rural Bank and the Most Profitable Bank awards given recently at the national congress of the Association of Rural Banks in Tamale and the Chartered Institute of Marketing’s (CIMG’s) Best Rural Bank award.
In the area of corporate social responsibility, Mr. Owusu said the bank spent GH¢65,914 on various development projects and initiatives that would enhance the lives of the people in its operational area.
These included supporting the Peace and Love Hospital, the celebration of the 2014 Farmers Day in the Amansie West District, reconstruction of the Pakyi Presbyterian “B” Primary School and the provision of a photocopier and Uninterruptible Power Supply (UPS) to the Amansie West District Education Directorate.
The bank is also expected to present cheques to the children of 20 shareholders who have been granted scholarships to pursue further studies in various senior high schools in the country.
The Deputy Managing Director of ARB Apex Bank, Mr. Alex Awuah, commended the bank for the feat it had chalked up during the past year, despite the economic challenges that confronted the nation.
He called on the authorities of banks to ensure that they engaged the services of people with diverse expertise as board members to help improve their fortunes and ensure the prudent use of shareholders’ funds.