A pre-tax profit of nearly GH1 million was reported by the Atwima Mponua Rural Bank PLC in Toase, Atwima Nwabiagya District, Ashanti Region, as opposed to GH550,000 in 2021.
The most recent profit showed an increase of around 100%.
As a result, the board has recommended paying a dividend of GH0.014 per share on the 14,336,840 ordinary shares that were eligible for dividends as of the register's closing on October 31, 2021.
This comes to GH 200,715.76, or 25% of the bank's net profit, which is subject to Bank of Ghana clearance.
In the meanwhile, the board has praised the shareholders' perseverance and their confidence in the directors' capacity to keep adding value to the bank.
Event
At the bank's 38th annual general meeting of shareholders in Toase, Constance Phyllis Puttick, chair of the board of directors, announced this.
Despite the COVID-19 issues, the banking industry remained stable and well-capitalized, with significant increases in total assets and deposits throughout the year 2021.
Mrs. Puttick expressed her happiness about the 35.8% cumulative year-over-year growth in total assets, 84.0% growth in short-term investments, and 42.0% growth in deposit mobilisation that had occurred during her leadership.
In order to guarantee that the bank remained successful and strong to fulfil the expectations of all its stakeholders, she offered the assurance that the Board of Directors was dedicated to upholding excellent corporate governance in accordance with the Bank of Ghana's guidelines.
Patrick Owusu, the president of the Ashanti Chapter of the Association of Rural Banks, advised the shareholders to have faith in the board's and management's abilities to turn around the bank's fortunes.
Additionally, he recommended owners to buy more bank shares and plan to gain from their investments over the long run.
financial participation
Felix Owusu-Achiaw, the bank's chief executive officer, declared that the bank will continue to play a vital part in the government's plan for financial inclusion.
He said that the bank was in a position to accomplish even more since it had started to make use of the available technologies to enhance customer service, operational effectiveness, and service delivery.
He said the bank will continue to manage the credit requirements of small and medium-sized businesses and enhance the assistance it provided to the unorganised segment of the economy.
The bank provided GH111,020 in financial support for community development initiatives as well as assistance to communities and organisations within its catchment regions.
Education, health, sports, entertainment, chieftaincy, and security are some of the primary economic sectors that benefited.