Atwima Kwanwoma Rural Bank makes strides in the face of challenges
The Reverend Dr Emmanuel James Owusu-Bonsu, Chairman of the Board of Directors of the Atwima Kwanwoma Rural Bank has said the bank made a considerable progress in 2022 despite global economic challenges. “We are all witnesses to the fact that the 2022 financial year was a challenging one. Just at the time when we thought we had escaped from the Covid-19 pandemic and its effect on businesses in general, and the banks in particular.
“Yet again we were hit with geo-political conflict between Russia and Ukraine which has put a burden on economies globally, with Ghana feeling it most,” he stated.
Rev. Dr. Owusu-Bonsu said this when he presented his report at the bank’s 40th Annual General Meeting (AGM) held at Pakyi No.2 in the Ashanti Region.
He stated that the bank’s total deposits grew from GH₵245,714,209 in 2021, to GH¢293,938,997 in 2022, recording a 19.63 percentage increase, whilst investment stood at GH¢227,427,147 in 2022, as against 2021’s GH¢204,082,450, an increase of 11.44 per cent.
The bank’s total assets in 2022, moved up to GH¢356,743,095 from GH 300,145,830 in 2021, representing a growth rate of 18.86 per cent, while shareholders’ funds saw an upward growth from GH₵42,265,373 in 2021 to GH₵48,150,683 in 2022, representing 13.92 per cent growth rate, he said.
Rev Dr Owusu-Bonsu mentioned that profit before tax rose from GH₵ 7,078,566 in 2021, to GH₵9,441,868 during the year under review (2022), recording a 33.39 per cent increment.
He said consequently, profit after tax increased from GH₵4,919,808 in 2021 to 6,974,035 in 2022, posting an appreciable 41.75 per cent increment.
The Board Chairman appealed to shareholders to buy more shares to cushion the bank to make it more viable and attractive to prospective customers and maintain its enviable position as leaders in rural banking in Ghana.
Mr. Samuel Bonsu Sekyere, Chief Executive Officer of the bank later told the Ghana News Agency in an interview that the board and management’s strategic policies and programmes continued to keep the bank in the limelight of rural banking in Ghana.
He said the bank was one of the few rural banks in the country that received approval from the Bank of Ghana to pay dividends to shareholders due to its sterling performance during the year under review.
Mr. Sekyere assured shareholders and customers that the bank was ever reliable and able to meet their needs.
The AGM, which also marked the 40th Anniversary of the bank, saw various personalities being rewarded for their pioneering roles and continuous contributions to the growth and sustainability of the Atwima Kwanwoma Rural Bank.