The Asante Akyem Rural Bank PLC at Juansa in the Asante-Akyim North District of the Ashanti Region has held its 35th Annual General meeting (AGM).
Professor. Rexford Assasie-Oppong, Chairman of the Board of Directors, during his address to shareholders of the bank at the 35th AGM disclosed the bank recorded good performance in all financial indicators in the 2021 year under review.
The bank recorded profit before tax of approximately GH₵454,000 for the year under review as against a little over GH₵ 290,000 in 2020, representing 56.30%, he said.
Prof. Asaase- Oppong added that, due to the public’s confidence in the bank, deposits increased from GH₵62.38 million in 2020 to GH₵ 63.20 million for the year under review, representing 1.3% with savings accounts recording 60% of the total deposits.
According to him, investments in government securities and call accounts increased by 8.15% from GH₵36.83 million in 2020 to GH₵39.83 for the 2021 year under review. He as well noted that, the bank remained solvent throughout the year, because it was able to meet all the reserve requirements by the Central Bank of Ghana.
Prof. Assasie – Oppong speaking on the bank’s credit facilities revealed that, the total loans and advances increased from GH₵15.43 million in 2020 to GH₵ 18.47 million for the year under review, representing 19.70%.
“We wish to strongly and sincerely appeal to shareholders who are also customers of the Bank to pay off their loans and advances as they fall due. The Legal and Recovery Team have started prosecuting recalcitrant customers to enable us to retrieve the unpaid loans.
“We are not pleased sending customers to court and wish all loan beneficiaries would honor their repayments on time to avoid any unhealthy development.”
Prof. Rexford Asaase- Oppong
He further said the total assets of the bank increased by 2.62% from GH₵ 73.29 million in 2020 to GH₵ 75.21 million in 2021.
Operating Environment and Future Outlook Of The Bank
Professor. Rexford Assasie-Oppong made it known that, despite several factors both direct and indirect, which affected the country’s economy under the reviewed year such as the effect of COVID 19, Gross Domestic Product (GDP) growing at 5.4%, and inflation rate increasing from 10.4% in 2020 to 12.6%, the bank with its prudent measures by the board and management, sailed through successfully.
According to him, due to BOG’s strict directives, the Board could not recommend the payment of dividend for the year. He explained that anything contrary to this may result in serious consequences.
In line with Corporate Governance Directives by the Bank of Ghana, the Board has successfully developed and approved a Board Charter to regulate and guide the Board for the efficient direction of the Bank, he said.
Prof. Assasie Oppong indicated that, a total of GH₵76,114 was spent on Corporate Social Responsibilities in the areas of agriculture, education, security agencies and Asante-Akyem Traditional Council.
Mr. Atta Gyamfi who is the Chief Executive Officer for Asante Akyem Rural Bank spoke on the outlook of the bank in the future.
According to him, the bank will continue to play a significant role in government’s financial inclusion agenda and is poised to even to do more, since the bank has begun to leverage available technology to serve their customers better as well as improving efficiency and service delivery.
“The bank will continue to see its strength grow in the area of managing credit needs of small and medium enterprises as well as continuing to improve upon the support it offers to this sector of the economy.”
Mr. Atta Gyamfi
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