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ECONOMICS

Upper Amenfi Rural Bank Ltd holds 30th general meeting

Upper Amenfi Rural Bank Limited with its head office at Ankwawso in Wassa Amenfi Central 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 savings and loans and microfinance companies in 2018 for not meeting the Bank of Ghana (BoG) capital requirements.

Date Created : 12/17/2019 7:19:50 AM : Story Author : Daniel Akwasi Nuako/Ghanadistricts.com

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 their financial report, Upper Rural Bank had even performed positively to attain a minimum stated capital of GH 2,757,253.49 as of 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 years.

Anticipating that, the bank could increase their shares as the targeted for an amount of GHs 3,000,000. By the end of 31st December 2019.

The bank’s profit after tax for the year 2018 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 deposit base grew from GHs 67,349,525 to GHs 85,056,591 an increase of 27%. The performance below is expected to attract shareholders and customers to have more confidence in the bank and continue to do business with Upper Amenfi Rural without any fear and 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 the Bank of Ghana requirement.

Speaking at the 30th Annual General Meeting held at Ankwawso, the Board Chairman of Directors, Mr. Joseph Tabi indicated that their goals remain 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 the media used the opportunity to highlight on series of their social corporates responsibility for their catchment areas during the year under review despite the numerous challenges.

This he said, include scholarship package to (52) brilliant students but needy, 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) Dunkwai-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.