Assinman Rural Bank records more than GH¢928,000 profit

The Assinman Rural Bank (ARB) recorded a profit after tax of GH¢928,829 in 2022 despite the debilitating effect of the COVID-19 pandemic, the Board Chairman of the bank, Mr. Frank Owusu, has announced.

He said the profit was a 37.3 per cent increase from the GH¢676,709 recorded in 2021.

The total deposits grew from GH¢26,938,791 to GH¢30,626,538, representing an increase of 13.7 per cent while loans and advances shot up from GH¢9,141,345 to GH¢11,829,525 representing 29.41 per cent.

Mr Frank Owusu, Board Chairman, declared the profit at the bank’s 26th Annual General Meeting (AGM) at Assin Manso in the Assin South District of the Central Region to account to stakeholders for the year 2022.

The shareholders discussed the 2022 financial report, expectations for subsequent years and plans designed to increase the bank’s fortunes.

Mr Owusu also noted that the bank’s investments increased from GH¢18,771,711 to GH¢22,823,747 representing 21.59 per cent, while total assets increased by GH¢6,824,117 to reach GH¢39,076,934 representing 21.2 per cent increase.

However, he said the bank was unable to declare dividends in 2022 because the Bank of Ghana on January 06, 2023, directed all rural and community banks not to declare dividends due to the impact of the Domestic Debts Exchange Programme.

He noted that the bank dividends for the bank in 2021 financial year was GH¢270,684 and it spent an amount of GH¢42,300 on Corporate Social Responsibilities.

Some of the activities undertaken were scholarships for selected tertiary students, renovation of the Assin Manso D/A Kindergarten block, and donation of knapsack sprayers to five district assemblies on Farmers Day.

Source: GNA