8 January 2008

Ghana: Atwima Rural Bank in Steady Growth

Atwina Foase — HAVING RECOVERED from a huge ¢2.2 billion deficit in 2001 from mismanagement, the Atwima Rural Bank, the first to be established in Ashanti in 1980 and the third in Ghana, is making steady growth following steady increases in profit margin over the last two years under the management of Mr. Amaniampong Kwasi Ankomah.

The bank has declared a net profit after tax of ¢332,139,000,00 as at December 31, 2006 against a recorded net profit after tax of ¢267,725,354.00 as at December 2005.

The chairman of the Board of Directors, Mr. Kwabena Awuah told the 22nd Annual General meeting of the bank at Atwima Foase recently that the bank recorded a 50.98% increase in owners' equity which was in debit of ¢1,677,723,685 in 2001.It has shown a positive reverse to ¢674,973,000.00 in 2006 from ¢344,139.00 in 2005.

Chairman Awuah announced that the bank performed well in its deposit mobilization drive leading to a ¢5.4 billion increase thus recording a total deposit of ¢29.4 billion from ¢24 billion in 2005.

The chairman as well announced that the bank, having kept proper books of accounts in accordance with auditing standards, increased total assets to ¢31.6 billion in 2006 from ¢25.2 billion over the years under review from ¢5.2 billion in 2001 and said total investments stood at ¢10.4 billion in 2006 from ¢12.9 billion in December 2005.

He also disclosed that advances increased by 50% from ¢6.9 billion in December 2005 to ¢12.5 billion during the year under review.

The chairman on behalf of the Board and shareholders paid glowing tribute to his predecessor who is said to have rendered invaluable services to the bank.

He once loaned out ¢600 million to bail the bank out of distress. The loan has since been repaid, the shareholders were informed.

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