Atwima Kwanwoma Rural Bank pays dividends to shareholders after two years
Over 1.2 million cedis is being paid to shareholders of Atwima Kwanwoma Rural Bank as dividends for the 2021 financial year. This represents a 16% return on investment, with each share attracting 8 pesewas dividend. It comes after the expiration of a directive by the Bank of Ghana for deposit-taking institutions to halt payment of dividends in two financial years due to the impact of COVID-19 pandemic.
Atwima Kwanwoma Rural Bank recorded profit before tax of over 7 million cedis in the year under review, a raise from GH¢5.9 million posted in 2020.
The Bank, in the year under review, made a profit margin of 28 percent in comparison to the previous year. This is in spite of the negative economic outlook in comparison to the previous year.
Deposits of customers grew by 19.6 percent from GH¢ 205.3 million in 2020 to GH¢ 245.7 million.
In closing the 2021 financial year, total assets of the bank grew by 18.74 percent, driven mainly by a 14.15 percent increase in loans and advances to support the agriculture and SME sectors of the economy.
With stated capital of GH¢ 3.4 million, managers of the bank assured they are sufficiently capitalized to make profit.
Chief Executive Officer, Samuel Bonsu Sekyere, wants customers to increase their investments to help increase profit margins.
“We have customers who are really loyal and they help us to achieve our target. The loyalty doesn’t come in a vacuum, you need to have good customer service and that is why they stay with us. We also make sure that we work strictly according to the dictates of the regulator and it is also another way to reduce the risks”, he emphasized.
Management of the Bank says prudent strategies had to be adopted to keep the bank afloat despite economic challenges.
Vice Chairman of the Board, Amoah Afrifa, added that management of the bank kept to its strategic plans.
“This year has been a hard year for trading but we are assured that we will stay profitable in 2022 and we are expecting increased investment from our clients”, he added.
Meanwhile, some hard working staff of the bank have been rewarded by the bank.