By Florence Afriyie Mensah
Kumasi, June 28, GNA – The Amenfiman Rural Bank PLC, has hinted that it would prioritize expanding support in micro, small and medium enterprises (MSME) and agribusiness by increasing financing to clients in these sectors.
This will be done through targeted interventions that enhance food security, job creation and economic empowerment of women and the youth.
Professor Lucas Nana Wiredu Damoah, Board Chairman of the Bank, noted that the drive to support these sectors was informed by the catalytic roles they play in Ghana’s development.
He was speaking at the 41st Annual General Meeting (AGM) of shareholders.
The bank will also prioritise investment in renewable energy in line with its sustainability goals to implement an additional 100 kW/year renewable energy capacity to reduce their carbon footprint and enhance the environment, social and governance profile.
In the area of information technology and financial technology (Fintech) partnerships, the Bank is actively exploring practical ways to boost the mobile and agency banking capabilities, thus extending banking services to the unbanked and contributing meaningfully to national financial inclusion efforts.
Prof Damoah mentioned that the Bank plans to expand its branch networks.
To this end, it would pursue regulatory authorization to open additional branches in Wasa Japa, Takoradi and Kumasi to add to the current 18 branches and four moblization centers to deepen outreach and accessibility.
Accounting for the Bank’s profitability over the period, the Board Chairman disclosed that the net operating profit before tax increased by an impressive 271 percent, soaring from GH₵24 million in 2023 to GH₵89 million in 2024.
Additionally, return on equity rose to 48.28 percent in 2024, up from 23.02 percent the previous year.
This growth was also reflected in other indicators such as the return on assets, return on capital employed, and earnings per share.
The Bank recorded a net profit after tax of GH₵55.3 million for the year under review, a significant improvement from GH₵16.8 million in the previous year.
Prof Damoah mentioned that the Bank’s profit margin experienced a strong and encouraging increase, driven by its strategic focus on cost management and a deliberate shift toward active portfolio management and diversification of investment and loan products.
GNA
Edited by Yussif Ibrahim/Kenneth Odeng Adade