The chairman of the Board of Directors of the Anum Rural Bank in the Asuogyaman District of the Eastern Region has noted that the bank was still resilient in the pursuit of its mission of becoming a leader in the financial space to bridge the gap between rural and urban areas.

Mr. Daniel Adu Appea was speaking during the bank’s 40th Annual General Meeting (AGM) at its headquarters at Anum on Saturday, 14th October, 2023.

“The bank continues to pursue its corporate mission of becoming one of the leading and most dependable rural banks in Ghana through the provision of financial and non-financial services to help narrow the development gap between its rural communities and the urban areas,” said the board chairman.

According to him, the bank in 2022, created a conducive operational atmosphere to deliver growth in revenue, deposit mobilization, excellent customer service and appreciable growth in shareholders’ funds.

Financial performance

The Anum Rural Bank has recorded an impressive growth in all financial indicators in the 2022 year under review.

The Bank recorded profit before tax of approximately GHS 2.5 million in the 2022 year under review compared to GHS 1.37million recorded in 2021, representing a satisfactory growth of 84.08 per cent underpinned by the disciplined execution of the bank’s strategy, improved market conditions and solid revenue growth.
Also, Total Operating Income increased by 37.19 per cent from about GHS15 million in 2021 to GH¢10.9 million in 2022.

The impressive growth in deposits of the year under review represents the confidence the general public and customers have in the Bank as well as the hardworking staff in deposit mobilization and inculcating an effective culture of saving(s) in the people within the Bank’s operational territories.

The Bank’s Stated Capital also grew from approximately GHS 1.9 million as of 31st December 2021 to about GH¢2 million in December 2022, representing a growth of 4.80 per cent.

The bank recorded a Net Interest Income of GHS 11.7 million in the year under review as compared to GHS8.6 million in 2021, representing an increment of 36.71 per cent.

According to the Board Chairman, the Interest Income of GHS 9.9 million in 2021 also appreciated by 33.70 per cent to GHS13.3 million as its Operating Expenses also saw an increase to GHS12.2 million, an increase of 33.3 percent from GHS9.1 in 2021.

Its Shareholders’ Funds also rose from GHS7.3 million in 2021 to GHS8.5 million in 2022 with its basic earnings per share in 2022 standing at GHS2.43 as against GHS1.35 per share in 2021.

The value of the Bank’s Total Assets also increased from GHS53.6 million in 2021 to GHS69.9 million in 2022, representing an increase of 30.4 per cent with Total Deposit also increasing by 31.63 per cent to GHS55.4 million in 2022 from GHS42 million in 2021.

Corporate social responsibility (CSR)

Mr. Adu Appea further stated that the Anum Rural Bank continued to invest in the people and communities to enhance living standards and sustain development through scholarships, charities and donations as part of its Corporate Social Responsibility (CSR). In this regard, he said the Bank spent over GHS95,000 in the aforementioned areas to support community development and better the lives of the people.

2023 priorities

Commenting on the Bank’s strategy for 2023 and beyond, the Board Chairman listed ten strategic pillars to be undertaken with the intent of prospecting for potential customers, improving customer service, enhancing human resource capacity development, maximizing shareholders funds and growth and insolvency of the bank.

These include carrying banking to the doorsteps of the customers, prospecting for and retention of customers, construction of the Atimpoku Agency building, aggressive deposit mobilization, human resource development, electronic banking, expenditure control, opening of the Dodowa Agency, amongst others.

Shareholders approved all resolutions on the agenda which included the declaration of dividend, re-election of the Board Directors of the company, ratifying the appointment of new Directors and fixing the remuneration of Directors.

At the end of the meeting, shareholders adopted the 2022 audited financials as presented by CFA and Associates.

A guest at the event and the Executive Director of the Association of Rural Banks, Ghana, Mrs. Comfort Owusu urged women to rise to hold higher positions within the Association.

According to her, only eight out of the 147 CEOs of the 147 banks that constitute the Association of Rural Banks, Ghana were women.

As part of efforts to empower women to rise to hold higher positions within the Association, she noted that the national council of the Association of Rural Banks, Ghana has designed a special Rural Banking Women’s Conference as part of the upcoming Rural Banking Week, to train and prepare them.

She encouraged the women to position themselves adequately to empower them to hold higher positions.