Upper Amenfi Rural Bank Limited (UARB) with its head office at Ankwawso in the Western Region has scored an impressive headway despite the Banking Sector clean-up exercise which led to the collapsed of several Banks in the entire financial sector including some Rural Banks as well as saving and Loans and Microfinance companies in 2018 for not meeting the Bank of Ghana (BoG) capital requirements.
The directive required Rural and Community Banks (RCB’s) to increase their minimum stated capital to GHs 1,000,000 by the end of February 2020.
Per the 2018 fiscal year, UARB performed positively to attain a minimum stated capital of GH 2,757,253.49 as at 18/11/2019 which gives them an excess amount of GH 1,757,253.49. The capital has increased from GHs 1,489,901 to GHs 2,172,736 in 2018 representing 46% increase over the previous year, 2017.
Anticipating that, the bank could raise their shares as they targeted for an amount of GHs 3,000,000 by the end of 31st December, 2019.
The bank’s profit after tax for 2018 financial year was GHs 1,030,076 as compared to GHs 1,143,656 in 2017, representing a shortfall of 10%. This was as a result of difficulties faced in the year under review.
The deposits base grew from GHs 67,349,525 to GHs 85,056,591 an increment of 27%.
The performance below above was expected to attract shareholders and customers to have more confidence in the bank and continue to do business with it without fear or panic to improve their lives.
On loans and advances it was increased from GHs 22,075,824 in 2017 to GHs 30,448,675 in 2018, representing 30% whiles the assets of the bank also grew from GHs 75,802,380 to GHs 95,427,067 as compared to the recorded figures in 2017.
This represents a growth in excess of 46% over the previous year which qualified the bank to operate banking services in Ghana, per BoG’s requirement.
Speaking at the 30th AGM, the Board Chairman of Directors, Mr. Joseph Tabi indicated that their goals remains targeted at producing a solid and increasing annual earning while managing their capital judiciously so as to produce an awesome total return for shareholders.
Some loyal customers of the bank were also recognized and honoured with flat screen television as well as other prizes as a motivational package to keep doing business with the bank.
On his part, the General Manager of Upper Amenfi Rural Bank, Mr. I.O. Appiah in a brief interview with media used the opportunity to highlight on series of their social corporates responsibility for their catchment areas during the year in retrospect despite the numerous challenges.
This he said, included, scholarship packages to (52) brilliant but needy students, provision of (50) bags of cement to Wassa Sraha to complete their community market, an amount of GHs 8,000 was released to support renovation works for teacher’s bungalow at Boa-Amponsem (SHS) Dunkwa-on-Offin, procured a set of tyres for Amenfi Central Education Directorates in order to ensure regular supervision in the District and several others.
Mr. Appiah was thankful to the shareholders, customers as well as the management staff for their tremendous performance to achieve the required minimum stated capital by Bank of Ghana in excess.
By: Daniel Akwasi Nuako