The Asante-Akyem Rural Bank made a profit before tax of GH˘621,194.00 on its operations last year, representing 98 per cent increase over the 2010’s figure of GH˘313,402.00 in 2010.
Its total deposits also went up by 25 per cent from GH˘8.853 million to GH˘11.148 million. Mr. Opuni Sekyere, the Board Chairman, who was speaking at the bank’s 25th annual general meeting of the shareholders at Juansa, said these were achieved through prudent policies by the board and management. He said they defied the numerous challenges in the banking industry including the influx of micro-finance institutions and the decline in the Gross Domestic Product (GDP) during the first quarter of 2011 to put up such splendid performance. The bank’s ordinary share capital grew by 2.58 per cent from GH˘412,977.00 to GH˘423,628.00. He, however, appealed to the shareholders to increase their shares to enable the bank to undertake certain capital expenditures. “We are convinced that the Bank of Ghana will in no distant future increase the capital requirements for rural banks. Computerization and acquisition of permanent office buildings require huge capital, hence our appeal”, he added. He said the bank had targeted to raise its share capital to GH˘1,000,000.00 within the next few years and urged shareholders to support the bank to achieve that. He proposed a dividend of GH˘50,000.00 for shareholders, a jump to 66.66 per cent from the 2010 figure of GH˘30,000.00. Mr. Kwame Anyimadu Antwi, the Member of Parliament (MP) for Asante-Akim North, commended the bank for living up to its social responsibilities. He urged the bank to introduce more products to support activities farmers in its areas of operation.