Toase (Ash), Nov. 27, GNA – The Atwima Mponua Rural Bank, in the Atwima Nwabiagya South Municipality, in the 2020 financial year, made a remarkable achievement in its operational performance, particularly in its deposits mobilization and investment.
Mrs Phyllis Constance Puttick, the Chairman of the Board of Directors, said the end of the year 2020, saw growth in the bank’s balance sheet size and profitability, as well as improvement in key financial indicators.
Presenting the financial statement of the bank at its 37th annual general meeting at Toase, she said deposits grew by 45 per cent from GH₵63,867,147 in 2019 to GH₵92,714,440 in 2020.
The total assets of the bank also grew by 32 per cent from GH₵76,502,730 in 2019 to GH₵101,029,516 in 2020 while investment increased by 25 per cent from GH₵15,022,827 in 2019 to GH₵18,806,443 in 2020.
According to Mrs Puttick, shareholders’ funds grew by 70 per cent from GH₵2,860,222 in 2019 to GH₵4,856,021 in the year 2020 while profit after tax increased by 2.7 per cent from GH₵544,829 in 2019 to GH₵559,913 in the year under review.
The Chairperson said as part of the bank’s corporate social responsibility to support socio-economic activities in the communities in its operational area, the bank supported in lighting up parts of Toase with street lights to ensure there was improved security within the township.
She said the 2021 mid-year review of the bank showed positive variances, which when sustained, would see another sterling performance for the end of the year 2021.
“By the middle of 2021, deposits mobilization had risen to almost GH₵100 million, with an end of the year projection of about GH₵120 million.
Shareholders’ funds saw a significant leap to almost
GH₵7million, as well as a profit before tax of nearly GH₵2million.”
Mr Alex Kwasi Awuah, Managing Director of ARB Apex Bank, commended the bank for its incredible performance and urged the public to have confidence in the capacity and ability of rural and community banks across the country to provide quality financial services to them.