Atwima Kwanwoma Rural Bank records revenue growth

The Atwima Kwanwoma Rural Bank Limited in the Ashanti Region grew its revenues in the 2020 as compared to 2019.

The bank posted a profit before tax of approximately GH¢5.9 million in 2020 as against the GH¢4.5 million recorded in 2019.

This represents a growth rate of 32 per cent.

The Chairman of the Board of Directors, Mr. Patrick Owusu, who announced this at the bank’s 38th annual general meeting at Pakyi No. 2 in the Ashanti Region, said the bank also recorded a significant growth in deposits in spite of the COVID-19 pandemic and its associated economic challenges.

Total deposits grew from a little over GH¢146 million in 2019 to GH¢205 million in the year under review, representing a 40.12 per cent growth.

Mr. Owusu said the COVID-19 pandemic significantly curtailed Ghana’s economic growth momentum but in spite of the challenges, the bank managed to register remarkable operational performance in all the financial indicators.

He said the bank’s investment grew from about GH¢126 million in 2019 to about GH¢180 million in 2020, representing an increase of 42.26 per cent.

The board chairman said loans also rose to GH¢39 million in 2020 from the GH¢35 million registered in 2019. This represented a growth rate of 12 per cent.

He added that total assets also went up from GH¢189 million in 2019 to about GH¢253 million in 2020, representing a growth of 33.81 per cent.

Mr. Owusu said the bank did not declare dividend for the year and blamed the development on the effects of the COVID-19 pandemic on businesses.

He, however, assured shareholders that effective and favourable measures would be put in place to reverse the trend in subsequent years.

Outlook

The Chief Executive Officer of the bank, Dr Stephen Sarfo Kantanka, said the bank would continue to play a significant role in the government’s financial inclusion agenda.

He said it was poised to do more by leveraging available technology to serve customers better as well as improve efficiency and service delivery.