Shareholders of Ahantaman Rural Bank are in jubilant mood as the bank announced payment of dividend for the just ended financial year.
Mr Eric Danning, the Chairman of the Board of Directors, who announced the dividend disclosed that each shareholder will earn GHC 0.08 per share on their shares, despite the consequence of the COVID-19. Meanwhile, he indicated that the proposed dividends of GHC 0.08 per share is a 23.53 per cent return on a share price of GHC 0.34. He acknowledged the great work the managers of the Ahantaman Rural Bank have done throughout the downturn of the financial sector as a result of the financial sector clean-up.
“The Ahantaman Rural Bank Limited will pay a total of GHC 2,714,278 in dividends to shareholders of the bank despite the COVID-19 stress and the aftereffects of the financial sector clean-up. The Bank in the 2021 fiscal year chalked some quick progress and growth with robust appreciation in total assets, deposits, and investment.”Mr Eric Danning
According to the Chairman of the Board of Directors, the smart move by the bank to diversify its assets paid off. He thus, said “The increase in total assets was because of investment in some government securities and deposits also recording moderate year on year good liquidity flow.”
2021 Performance Significant
Mr Danning at the Annual General Meeting of the Bank at Agona Nkwanta, told Shareholders that the 2021 performance of the bank indicates a significant growth in paid-up capital and total assets as well.
In summary, Mr Danning revealed that the Bank made a total profit before tax of GHC 6,364,328, with total assets of GHC166,019,417 and paid-up capital of GHC5,745,516. Moreover, he stated that, the shareholders’ fund in the year under review stood at GHC 18,157,753 and an investment portfolio of GHC 85, 291,613.
The Board Chairman assure that the bank will continue to leverage on modern technological trends to achieve more success, saying that “The Bank will continue to deploy innovative approaches in ICT (Information and Communication Technology), strategies, good policies, and prudent management to soaring growth in the years ahead.”
Mr Benjamin Afful-Eshun, the Chief Executive Officer (CEO) of the Ahantaman Rural Bank, on his part, expressed his profound gratitude of the shareholders and appreciated the dedication of the entire staff in achieving the feat in the year under review.
Mr Alex Kwesi Awuah, Managing Director of the Apex Bank, also lauded the Bank’s performance and urged them to strengthen internal auditing mechanisms through training and retraining. This way, he suggested will help detect any anomaly and address it as quickly as possible.
Ms Comfort Owusu, an Official representing the Association of Rural Banks (ARB), charged the bank and its Directors to be more innovative and strategic in the years ahead to achieve more success.
The association she announced would initiate cyber security training programs for members to become more aware of threats in the internet space and how to handle them.