Atwima Kwanwoma Rural Bank Declares Dividends for Shareholders Following a Two-Year Hiatus
Atwima Kwanwoma Rural Bank has announced a dividend payout of over GH¢ 1.2 million to its shareholders for the fiscal year 2021. This declaration equates to a 16% return on investment, with each share earning a dividend of 8 pesewas. The payment arrives following the end of a directive issued by the Bank of Ghana, which had mandated deposit-taking institutions to suspend dividend payments for two years in light of the COVID-19 pandemic's economic impact.
In the 2021 review year, Atwima Kwanwoma Rural Bank posted a pre-tax profit exceeding GH¢ 7 million, demonstrating growth from the GH¢ 5.9 million reported in 2020.
Despite the challenging economic climate, the bank succeeded in achieving a profit margin of 28%, surpassing the previous year's performance. Customer deposits exhibited a robust increase of 19.6%, rising from GH¢ 205.3 million in 2020 to GH¢ 245.7 million in 2021.
In the 2021 fiscal year-end, the bank's total assets expanded by 18.74%, primarily fueled by a 14.15% upsurge in loans and advances directed to bolster the agricultural and SME sectors. With a stated capital of GH¢ 3.4 million, the bank's management has confidently affirmed that the bank is well-capitalized to generate profits.
Chief Executive Officer, Mr. Samuel Bonsu Sekyere, encourages customers to enhance their investments to further elevate profit margins, stating, "Our loyal customers play a pivotal role in helping us attain our targets. Such loyalty stems from excellent customer service, which we prioritize. We also strictly adhere to regulatory guidelines as an additional measure to mitigate risks."
The bank's management articulated that adopting prudent strategies was vital in maintaining the bank's viability amidst the prevailing economic challenges. Mr. Amoah Afrifa, Vice Chairman of the Board, reiterated that the bank remained committed to its strategic plans throughout the challenging year.
"Despite a difficult year for trading, we remain confident about staying profitable in 2022, and we anticipate increased investment from our clients," he affirmed.
The bank also recognized and rewarded several diligent staff members for their exceptional contributions to its success.