Asante Akyem Rural bank, a rural bank headquartered in the Ashanti Region has shown positive growth in a wide range of Financial Soundness Indicators.

According to the recently released financial statement of the bank, the bank’s total deposits grew from Ghc45.88 million in 2019 to Ghc62 million in 2020 representing an increase of 35 per cent.

The bank’s profit before tax (PBT) also improved marginally in 2020, with only Ghc290 million recorded versus Ghc263 million in 2019 indicating a 10 per cent

Reacting to the marginal increase in Profit before Tax, Prof. Rexford Oppong, the board chairman of the rural bank, noted that the small increase in PBT was as a result of many factors. One of the causes, he said, was the disastrous consequences of the Covid-19, and he pledged a better performance in 2021.

With the economy rebounding and the current condition of affairs, the chairman expressed optimism for improved profitability and other Key Performance Indicators (KPIs) of the bank.

Furthermore, the board chairman complimented the company’s management as well as all of the bank’s workers for their devotion and hard work in achieving this great milestone. He asked them to continue in their dedication and ensure that the company doubles its performance last year.

On Social Responsibility Activities

Prof. Oppong revealed that giving back to the community is one of the objectives of the company and has done a lot towards impacting the lives of people. The board chairman disclosed that the bank spent a total amount of Ghc43,050 on Corporate Social Responsibility (CSR).

The chairman detailed where the funds were used, revealing that a portion of the funds was used to purchase 170 Wellington boots for farmers, 75 spraying equipment, and four cutlasses in support of last year’s edition of the National Farmers Day.

The bank also provided seventeen veronica buckets and 100 gallons of fertilizer to the Otumfou Education Foundation and other non-profit groups.

Mr. Alex Awuah, Managing Director of ARB Apex Bank Limited, a “mini”-central bank for Rural & Community Banks, complimented the bank for its impressive performance and addressed the congregation about the Asante Akyem Rural Bank’s potential, urging the company’s management to maximize it.

To avoid locking up their cash and eventually collapsing the firm, the director finally advised all Rural and Community Banks to avoid high-risk undertakings and Ponzi schemes.

On Customer Satisfaction

Responding to questions at the company’s Annual General Meeting (AGM), Mr. Attah Gymafi, the bank’s Chief Executive Officer (CEO), revealed the intentions of the company’s management and board of directors on the decision to design new products and services to meet the ever-evolving tastes and preferences of customers.

The CEO also challenged the company’s management and board of directors to work hard and implement policies that would preserve the bank’s customers’ investments while also increasing shareholder equity.

Despite making some profits last year, the bank was unable to pay dividends to its shareholders due to the Bank of Ghana’s mandate to all Rural and Community Banks (RCB) not to pay dividends for the year due to the country’s current state of affairs.