The Anum Rural Bank in the Eastern Region has recorded steady growth despite numerous economic glitches which disrupted businesses in 2016.
The Bank posted a Profit Before Tax of GHC 619,295 in 2016, up from GHC 536,018; an increment of 15.5 per cent and awarded 0.50 pesewas per share.
Its net interest income grew by 14.6 per cent, rising from GHC 4,041,588 in 2015, to GHC 4,631,098 in 2016, the 34th Annual General Meeting of the Bank was told.
The Bank's total operating income also increased from GHC 5,004,658 in 2015 to GHC 5,758,255 in 2016, a rise by 15 per cent.
It recorded a 9.3 per cent increase in total assets from GHC 21.53 million in 2015 to GHC 23.55 million in 2016, whiles its total deposits rose from GHC14.23 million in 2015 to GHC16.09 million in 2016, with a difference of 13.1 per cent.
Dr Bismark Amanye Gyau, Chairman, Board of Directors of the Bank said though it recorded a 15.5 per cent growth in profit, the decrease in dividend was due to an increment in tax from eight per cent in 2015 to 25 per cent in 2016.
He said the energy crisis, and rampant increases in fuel prices contributed to business slowdown but said the Bank had a brighter future as its indicators kept rising.
Dr Gyau apologised to shareholders for “the unfortunate incidents that marred the Directors’ election at the previous meeting”, and said more branches were being opened to augment service delivery, and would continue to support small scale businesses.
Source: GNA
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