The Assinman Rural Bank (ARB) recorded a profit after tax of GHS928,829 in 2022 despite the debilitating effect of the Covid-19 pandemic, the Board Chairman of the bank, Mr. Frank Owusu, has announced.
He said the profit was a 37.3 per cent increase from the GHS676,709 recorded in 202.
The total deposits grew from GHS26,938,791 to GHS30,626,538, representing an increase of 13.7 per cent while loans and advances shot up from GHS9,141,345 to GHS11,829,525 representing 29.41 per cent.
Mr Frank Owusu, Board Chairman, declared the profit at the bank’s 26th Annual General Meeting (AGM) at Assin Manso in the Assin South District of the Central Region to account to stakeholders for the year 2022.
The shareholders discussed the 2022 financial report, expectations for subsequent years and plans designed to increase the bank’s fortunes.
Mr Owusu also noted that the bank’s investments increased from GHS18,771,711 to GHS22,823,747 representing 21.59 per cent, while total assets increased by GHS6,824,117 to reach GHS
39,076,934 representing 21.2 per cent increase.
However, he said the bank was unable to declare dividends in 2022 because the Bank of Ghana on January 06, 2023, directed all rural and community banks not to declare dividends due to the impact of the Domestic Debts Exchange Programme.
He noted that the bank dividends for the bank in 2021 financial year was GHS270,684 and it spent an amount of GHS42,300 on Corporate Social Responsibilities.
Some of the activities undertaken were scholarships for selected tertiary students, renovation of the Assin Manso D/A Kindergarten block, and donation of knapsack sprayers to five district assemblies on Farmers Day.
Source: Ghana News Agency