Amenfiman Rural Bank makes profit of over GHȼ 2m in 2012

Apex BankThe Amenfiman Rural Bank Limited made a profit before tax of GHȼ 2,247,312 in 2012 as against GHȼ 1,151,981 in 2011.

Dr Toni Aubynn, the Chairman said this on Saturday during the 29th Annual General Meeting of the bank at Wassa Akropong.

He said this represents an increase of 95 per cent.

Dr Aubynn, who is also the Chief Executive Officer of the Ghana Chamber of Mines, said profit after tax increased from GHȼ 1,044,882 in 2011 to GHȼ 2,054,322 in 2012 representing an increase of 97 per cent.

He said total income also increased by 67 per cent from GHȼ 4,077,343 in 2011 to GHȼ 6,818,843 in 2012.

Dr Aubynn said this performance is expected to increase when the bank rolls out other income generating products and services.

He said deposits increased from GHȼ 23,523,595 in 2011 to GHȼ 32,009,952 in 2012.

Dr Aubynn said shareholders funds also increased from GHȼ 2,206,087 in 2011 to GHȼ4,089,348 in 2012, an increase of 85 per cent.

He said the bank’s impressive performance in 2012 placed it as the second most profitable bank in the country out of the 135 rural and community banks in the country and the number one most profitable bank in the Western Region.

Dr Aubynn said the bank was classified by the Apex Bank Limited as a strong bank in the 2012 ranking.

He said the bank invested a total of GHȼ 26,000 in community activities including scholarships and bursaries awarded to children and wards of shareholders and to brilliant but needy students.

Dr Aubynn said during the year under review, 106 students benefited from the Amenfiman Scholarship Scheme and over 150 brilliant but needy students at the Amenfiman Senior High School obtained bursaries.

Mr Kwadwo Aye Kusi, Managing Director of the Association of Rural Banks (ARB) Apex Bank Limited, said the profits achieved by the bank last year and other healthy financial indicators are sufficient evidence of the effective management of the resources of the bank.

He said the bank could do more by way of deposit and share mobilization, cost control and reduction, risk management and compliance.

Mr Kusi asked the bank to put in place new programmes and policies such as development of microfinance business, risk management, staff training and customer services.

He said one major area where Rural and Community Banks could develop and create a unique marketing niche to strengthen their banks is through the microfinance business.

Mr Kusi said although almost all Rural and Community Banks are operating some form of micro businesses, they have the potential to achieve more.

He said it is time for Rural and Community Banks to re-think microfinance given the proliferation of microfinance institutions in their catchment areas and promote it to sustain their banks.

“I will, therefore, urge you to deepen your microfinance business to improve your overall results”, Mr Kusi said.

Source: GNA

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