The Amenfiman Rural Bank Ltd recorded improvement in performance with its after-tax profit growing from GH¢ 4,138, 729.00 in 2018 to GH¢ 5,843,592.00 in 2019, representing 42 per cent growth.
The total deposit of the Bank grew from GH¢189,225,771.00 in 2018 to GH¢ 254,635,378.00 in 2019, representing 34.5 per cent.
The Banks advances increased from GH¢93,159, 660.00, representing 71 per cent, over the GH¢ 54,450, 256.00 in 2018.
According to Dr Toni Aubynn, Chairman of the Board of Directors, who announced this at the 36th Annual General Meeting (AGM) of the Bank at Wassa Akropong in the Western region, said it maintained its leadership as the largest rural bank in Ghana with total assets of GH￠304,654,372.00 as against GH¢ 223,280,862.00 in 2018.
That represented a significant growth of 36.4 per cent during the year compared to 15 per cent in 2018 and 2017.
The Bank also made a total income of GH¢ 42,199,913.00 at the close of the year under review as against GH¢ 39,218,887.00 in 2018, representing 7.6 per cent.
Dr Aubynn also said that the investments had increased by 48.5 per cent from GH¢ 92,283,745.00 to GH¢ 137,022, 488.00, with shareholders’ funds shooting up from GH¢ 25,889,574.00 to GH¢ 30,764,709.00 representing 18.8 per cent.
Touching on loans for cocoa farmers, initiated by the Bank five years ago, Dr Aubynn said it disbursed over GH¢ 30 million to more than 10,000 cocoa farmers as against GH¢ 23 million and 17 million during the 2018 and 2017 financial years.