Amanano Rural Bank overturned losses into profit – Board Chair

The Amanano Rural Bank PLC has recorded a gross profit of GHC842,127.00 in 2022, marking the first positive turn of fortune in over five years.

This is a significant improvement from the trajectory of a loss of GHC1,941,434.00 recorded in 2021.

This announcement was made at its 35th Annual General Meeting of Shareholders held in Nyinahin on Friday, November 17, 2023.

While addressing the bank’s shareholders, the Chairperson of the Board of Directors of the Amanano Rural Bank, Oheneyere Augustina Asare Osei, revealed additional positive news in her report, stating that the bank has further made a gross profit of GHC4.4M as of October 31, 2023.

These profits mark a new chapter for the bank and indicate its operational stability, a result of the bank’s stringent implementation of strategic management and corporate governance policies. The outstanding performance, as indicated by the announced profits, also attests to the fact that the bank has strengthened its liquidity position.

Oheneyere Asare Osei logically projected an offshoot of the great news to the bank’s shareholders: for the first time in years, the bank is now in a position to pay dividends to its shareholders in 2025 based on these positive trends.

She attributed these great achievements and the positive outlook of the bank to the strategic direction of the Board.

The Board, she said, has emphasized fiscal discipline, prudent management of depositors’ funds, and the commitment of the management and staff of the bank.

During the AGM, the Board of Directors appealed to shareholders to buy more shares to increase the bank’s share value and enable the payment of dividends.

Mr. Noble Christian Osei-Bonsu, the Chief Executive Officer (CEO) of the Amanano Rural Bank, impressed with the bank’s performance, assured shareholders of management’s assiduous industriousness to bring more improvement to the bank’s indicators.

It is significant to note that this current Board of Directors took office in February 2022. Other members of the Board are Professor Kwaku Dwumor Kessey (Vice Chairman), Mr. Ignatius Kwame Otoo, Mr. George Fuseini, Esq, and Mr. Raymond Ofosu-Atoubi.

Among the dignitaries were Nana Amanpene Boateng Twum II, Nyinahinhene; Mr. Kofi Owusu, Ashanti Regional Director, ARB APEX Bank; Vice Chairman, Association of Rural Banks, Ashanti Chapter; and representatives of sister rural banks.



About Daniel Doh Allotey

Check Also

Ghana Cedi now selling at GH₵11.56 against a dollar for the month of November 2023 – BoG report

The November 2023 Summary of Economic and Financial Data by the Bank of Ghana has …