Amanano Rural Bank Limited
Amanano Rural Bank Limited has held its 31 Annual General Meeting of Share Holders at its headquarters, Nyinahin in the Atwima Mponua District in the Ashanti Region.
The bank made an Income Surplus of an GHS 958,011 in year ended 2018 after the deductions of Income Tax (GHS430,946), Transfer to Statutory Fund(96,826), Tax audit payment of (115,945) among others.
The Board Chairman of the Bank, Mr Anthony Kwame Gyan report indicated that, despite some financial challenges in financial industry, Total assets saw a growth of 8.85% during the year under review, 2018. Thus from GHS45,687,682 in 2017 to GHS49,731,864 in 2018.
Total Deposits saw a marginal increment of 16.94%. Thus from GHS 35044,548 in 2017 to GHS40,982,676 in 2018.
Investments in government treasury bills and fixed deposit placements with Security and Exchange Commission(SEC) increased from GHS18,114,124 to GHS20,894,848, representing 15.35%.
The bank’s Stated Capital also moved from GHS1,465,468 to GHS1,493877 a percentage growth of 1.94% .
Loans and Advances
Amanano Rural Bank experienced a loan portfolio in 2018 at GHS13,420,054 as against GHS11,741,644 in 2017 depicting an increment of 14.29% during the year under review.
A sum of GHS 66,740,876 worth of Coacoa was purchased in 2018 cocoa season compared to GHS56,302,375 in 2017, a percentage growth of 18.57%.
Net Profit however, decreased at a percentage of 31.60%. It reduced from GHS1,196,207 in 2017 to GHS818,239 in 2018.
This reduction according to the Board Chairman was as a result of the financial meltdown with the associated contagion risks which the financial service industry experienced during the year.
Amanano Rural Bank spent a total amount of GHS55,213.58 in fulfilment of its social responsibility owed communities in 2018 fiscal year.
The bank spent GHS 37,900.00 on Education, Agriculture (GHS 1 500.00), Health ( 1,250.00) and Scholarship (14,563.58).
Amanano Rural Bank Limited was ranked 26 among other companies in the prestigious Ghana Club 100, that was organised by Ghana Investment Promotion Centre (GIPC) in 2018.
Amanano Rural Bank Limited could not declare its dividend.
The Board of directors said, they faced many financial constrains in 2018 due to challenges in the financial service industry and SEC regulated institutions “where most of our funds have been locked up which has affected our cash flow. The board of Directors hereby appeal to shareholders that the bank is unable to declare payment of dividend for the fiscal year 2018”.
The shareholders on the other hand said they expect the Directors to declare the dividend in the Bank’s 32 AGM next year.
The chairman declared that phase II of Amanano Rural Bank Mobile App has been completed. Theerefore customers can download and check their account balances, check bank statements and as well transfer money to relatives/ friends via the application.
The Board Chairman further stated that the financial institution has exceeded Bank of Ghana’s (BoG) Minimum Capital Requirement of GHS 1,000,000 for RCB’s.
However, shareholders must buy more shares to inject more cash into the business in order to expand their shareholding and subsequently, it will enable the bank to realize the dream of being self sufficient.
By: Joe Marfo