November 28, 2020

AGM: Atwima Kwanwonma Rural Bank exceeds RCB’s Minimum Capital by 200%, Dividend Increased but Profit Declines

ARB Board Members on High Table at 36th AGM

Atwima Kwanwonma Rural Bank Limited(AKRB) in the Ashanti Region has exceeded Rural and Commmunity Banks( RCBs) require Minimum Capital of GHC 100,000 by 200 Percent.

RCBs demanded that by the close of February 28, 2020 all Community and Rural banks might have met the Minimum Capital requirement otherwise will face severe sanctions.

However, AKRB recorded a Stated Capital of GHC 3,172,869 by the end of December 2018 which is an excess of 200% over RCBs minimum capital requirement. This according to board chairman, Mr Patrick Owusu’s report at the 36th Annual General Meeting of Shareholders( AGM)

Financial performance

In spite of the hitches in the 2018 financial year, AKRB sailed through to perform creditably as against the previous year, 2017.

Deposits

AKRB recorded an increment of 18.83% in the year ended 2018 at GHC 121,016,757 as against GHC101,841,580 in 2017.

Investment

Investment increased in 2018 at GHC106,091,938 against GHC 92,489,798 in 2017 representing an increase of 14.71%.

Loans and Advances

Loans and Advances attained a percentage increase of 28.82, in 2018 the year under review at sum of GHC31,314,866 against 2017, GHC 24,309, 866.

Total Assets

AKRB recorded a total asset from GHC138,016,601 to GHC159,673,337 in 2018, the year under review representing growth of 15.69%

Shareholders Fund

AKRB recorded a crucial growth of its Equity from GHC 31,300,092 in 2017 to GHC 35,029,346 in 2018, placing a percentage increase of 11.91%.

Profit

Although other indicators AKRB increased significantly in 2018, on the other hand profit before tax depreciated from GHC 8,296,648 in 2017 to GHC 4,470,419 for 2018, representing 24.82%.

Dividend

Despite the short fall of the banks profit, Directors of AKRB recommended the payment of GHC0.800 per share amounting to GHC 1,186,233 for the year ended 2018, comparably, 2017 dividend of GHC 0.1000 per share which amounted to GHC 1,459,948.

Corporate Social Responsibility

Yennyawoso and Konadu Yiadom M/A Primary B school were endowed with 40 mono desk and 20 dual desk at GHC5,00
Konadu Yiadom primary B, 4 Dell Computers at GHC 7,120.

Pakyi No.2 Area Schools were given assorted drinks and other items during 61st Independence Anniversary at GHC 2,125.

These and many more cost AKRB a total amount of GHC 62,164.

Awards

AKRB was adjudged the best Rural Bank of the year, 2018.

The bank was awarded Platinum in the Ashanti Financial Service Excellence Awards on July 19, 2019.

AKRB was ranked 91 in the 17th Edition of the Ghana Club 100 on November 2018.

It was honored with First Grade Platinum Award ahead of 20 Resilient Rural Banks under Pan African Top Brands Eminence Awards 2018.

AKRB Board Chairman Mr Patrick Owusu was nominated as NOBLE at the West African Nobles Forum Regional Conference and Awards Ceremony on August 9, 2019.

AKRB CEO Dr Sarfo Kantanka was honored with Gold in the Rural Bank category of 1st Ghana Business Leaders Excellence Awards.

The CEO was as well honored Gold at the 5th Ashanti Business Leaders Excellence Awards in May 19, 2019 in recognition of his massive contribution to Economic Development of Ashanti.

The Financial Institution has however pledged to improve upon its service to customers.
Modern service platforms like the ATM,SMS,& USSD Mobile platforms shall be introduced in the pending year.

By: Joe Marfo

323

AGM: Atwima Kwanwonma Rural Bank exceeds RCB’s Minimum Capital by 200%, Dividend Increased but Profit Declines

ARB Board Members on High Table at 36th AGM

Atwima Kwanwonma Rural Bank Limited(AKRB) in the Ashanti Region has exceeded Rural and Commmunity Banks( RCBs) require Minimum Capital of GHC 100,000 by 200 Percent.

RCBs demanded that by the close of February 28, 2020 all Community and Rural banks might have met the Minimum Capital requirement otherwise will face severe sanctions.

However, AKRB recorded a Stated Capital of GHC 3,172,869 by the end of December 2018 which is an excess of 200% over RCBs minimum capital requirement. This according to board chairman, Mr Patrick Owusu’s report at the 36th Annual General Meeting of Shareholders( AGM)

Financial performance

In spite of the hitches in the 2018 financial year, AKRB sailed through to perform creditably as against the previous year, 2017.

Deposits

AKRB recorded an increment of 18.83% in the year ended 2018 at GHC 121,016,757 as against GHC101,841,580 in 2017.

Investment

Investment increased in 2018 at GHC106,091,938 against GHC 92,489,798 in 2017 representing an increase of 14.71%.

Loans and Advances

Loans and Advances attained a percentage increase of 28.82, in 2018 the year under review at sum of GHC31,314,866 against 2017, GHC 24,309, 866.

Total Assets

AKRB recorded a total asset from GHC138,016,601 to GHC159,673,337 in 2018, the year under review representing growth of 15.69%

Shareholders Fund

AKRB recorded a crucial growth of its Equity from GHC 31,300,092 in 2017 to GHC 35,029,346 in 2018, placing a percentage increase of 11.91%.

Profit

Although other indicators AKRB increased significantly in 2018, on the other hand profit before tax depreciated from GHC 8,296,648 in 2017 to GHC 4,470,419 for 2018, representing 24.82%.

Dividend

Despite the short fall of the banks profit, Directors of AKRB recommended the payment of GHC0.800 per share amounting to GHC 1,186,233 for the year ended 2018, comparably, 2017 dividend of GHC 0.1000 per share which amounted to GHC 1,459,948.

Corporate Social Responsibility

Yennyawoso and Konadu Yiadom M/A Primary B school were endowed with 40 mono desk and 20 dual desk at GHC5,00
Konadu Yiadom primary B, 4 Dell Computers at GHC 7,120.

Pakyi No.2 Area Schools were given assorted drinks and other items during 61st Independence Anniversary at GHC 2,125.

These and many more cost AKRB a total amount of GHC 62,164.

Awards

AKRB was adjudged the best Rural Bank of the year, 2018.

The bank was awarded Platinum in the Ashanti Financial Service Excellence Awards on July 19, 2019.

AKRB was ranked 91 in the 17th Edition of the Ghana Club 100 on November 2018.

It was honored with First Grade Platinum Award ahead of 20 Resilient Rural Banks under Pan African Top Brands Eminence Awards 2018.

AKRB Board Chairman Mr Patrick Owusu was nominated as NOBLE at the West African Nobles Forum Regional Conference and Awards Ceremony on August 9, 2019.

AKRB CEO Dr Sarfo Kantanka was honored with Gold in the Rural Bank category of 1st Ghana Business Leaders Excellence Awards.

The CEO was as well honored Gold at the 5th Ashanti Business Leaders Excellence Awards in May 19, 2019 in recognition of his massive contribution to Economic Development of Ashanti.

The Financial Institution has however pledged to improve upon its service to customers.
Modern service platforms like the ATM,SMS,& USSD Mobile platforms shall be introduced in the pending year.

By: Joe Marfo

323

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