Atwima Kwanwoma Rural Bank increases deposits

Atwima Kwanwoma Rural Bank’s total deposit stood at GH¢121, 016.757, an increase percentage of 18.83 at the close of the year 2018.

Mr. Patrick Owusu, Chairman of the Board of Directors of the Bank, said the Bank’s deposit in the previous year was GH¢101, 841. 580.

He was speaking at the 36th annual general meeting of the shareholders of the Bank at Pakyi Number Two in the Amansie West District.

He said the investment portfolio grew from GH¢92, 487,798 in the year 2017 to GH¢106, 091,938 in 2018, representing an increase of 14.71 per cent.

The Chairman stressed that the Bank’s total loan/advances portfolio increased from GH¢31,314,866 in the year under review as against GH¢24, 309,886 in 2017.

He said an increase was recorded in the Bank’s total assets from GH¢138, 016,601 in 2017 to GH¢159, 673,337 in 2018, representing a growth of 15.69 per cent.

Mr. Owusu indicated that the Bank’s stated capital at the end of December 2018 stood at GH¢3, 172, 869, while the Bank recorded a significant increase in its equity from GH¢31, 300, 092 in 2017 to GH¢35, 029,346 in 2018.

He said profit of the Bank before tax saw a drop from GH¢8, 296, 648 in 2017 to GH¢6, 007, 152 in 2018, representing a drop of GH¢11.08 per cent.

Notwithstanding the drop in profit, the Directors recommended the payment of dividend of GH¢0.0800 per share, amounting to GH¢1, 186, 223 for the year 2018 as compared to 2017 dividend of GH¢0.1000 per share, which amounted to GH¢1, 459, 948.

Mr. Owusu said the Bank spent an amount of GH¢65, 164, 00 as part of the Bank’s social corporate responsibility on various community projects on education, health and security.

Source: GNA