Ahantaman Rural bank has held its 30th Annual General Meeting with a flamboyant and massive attendance by customers and stakeholders at Agona Nkwanta in the Western Region.
The Rural Bank currently operates in four districts in the Western Region and has a network of fifteen connected branches. Its services range from retail banking, deposits, lending and cash management to our numerous loyal customers.
Ahantaman also offers Susu Savings and a Credit Scheme which it has, since 1995 and has been assisting diverse range of economic units across five districts. The Bank operates a trading Subsidiary – Ahantaman Trading Company Ltd. which offers consumer credits to its customers and an Outboard Motor Assistance Scheme for fishermen. There are also both foreign and domestic funds transfer such as Western Union and Apex link Money Transfers.
Speaking at the event, the Board Chairman of the Rural Bank, Mr. Vincent Balychie Essien, announced that, the bank’s total income for year 2017 was GHc26, 714,978 as compared to GHc21, 226,713 in 2016 representing 25.9% making performance for the year under review very outstanding.
He continued that deposits rose from GHc54, 445,543 in 2016 to GHc67, 228,617 in 2017, showing an increase of 23.5%.Profit before tax in 2016 was GHc3, 511,326 as compared to GHc4, 511,282 in 2017 representing 28.5%. Also, profit after tax in 2016 increased from GHc2,213,177 to GHc2,973,372 in 2017 showing a growth of 34.3%.
He stated that the bank exhibited a significant performance in spite of the challenges that befell the banking industry in 2017. “During the period under review, the Tarkwa branch premises was renovated and expanded, plots of land were also acquired at Axim and Adum Banso for future development. We have also put up an ultra-modern edifice for the Tanokrom branch of the bank; all these are to give the bank facelift as well as provide convenience to customers” he noted.
According to him, a total amount of GHc106, 827 was spent on Corporate Social Responsibility for educational institutions, security services, various Metropolitan, Municipal and District Assemblies, Otumfuo Baidoo Bonsoe Challenge Cup as well as various traditional council towards Kundum festival.
Mr. Essien clarified that, under the bank’s scholarship Scheme, a total of GHc91,200 was disbursed to 102 beneficiaries at the Secondary and Tertiary levels.
“The bank, continues to maintain its strong position in the Efficiency Monitoring Unit (EMU) Rankings undertaken by ARB Apex Bank; Out of the 142 Rural Community Banks (RCBs) in the country, our bank was ranked 9th and the 1st in the Western Region for the last quarter ending December, 2017”, he said.
The Managing Director of ARB Apex Bank, Mr. Kojo Mattah, in an address read for him said, the banking environment has witnessed major changes in recent years; “Key to us, as major players in the financial ecosystem of the country is the introduction of the new minimum capital requirement for RCBs.
He maintained that as at the end of the first quarter of 2018, 94 out of 141 RCBs have met Bank of Ghana’s new minimum capital requirement of GHc1 million.
“Although, this represent a significant of 67% of RCBs in the country, the data shows that some of the banks are facing serious challenges in shoring up the required regulatory minimum capital”. “I wish to commend the directors, shareholders, and management of this bank for being one of the foremost banks to meet the requirement and till date, remains of the most capitalized RCBs in the country”
The Executive Director of the Association of Rural Banks Ghana, Mrs. Comfort Owusu, urged the bank to come out with more innovative and developmental programs to push forward the frontiers of your social responsibility.
“With the proliferation of the Microfinance Institutions and also the Universal Banks entering into the territories of areas perceived as “captive for RCBs” the competition has been keener and RCBs need to step their efforts in order to continue to be in business”, she said.
“Corporate Tax rate for Rural and Community bank was increased from 8% to 25 % in the 2016 National Budget; the enormous increase, is having a telling effect on the performance of all the RCBs and especially the ability to increase their paid-up capital to GHc 1 million by the end of 2018 as mandated by the Bank of Ghana” she added.
She pointed out that Ahantaman Rural Bank needs to be commended for the keen interest in capacity building of their directors, management and staff.