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The Association of Rural Banks (ARB) has named the Amantin and Kasei Community Bank Limited as the Best Bank for the 2017 Banking Year in the Brong Ahafo Region.
The ARB, the mother association of all rural and community banks in the country, has attributed the feat to the modest strides the bank made during the year under review, in the face of the numerous economic and social challenges that confronted the industry.
The Board Chairman of Amantin and Kasei Community Bank Limited, Dr. John Oduro-Boateng, in his report during the bank’s 17th Annual General Meeting [AGM], held at Amantin in the Atebubu District in the Brong Ahafo Region recently, said the bank recorded a tremendous increase in its stated capital.
Dr. Boateng indicated that the bank’s capital soared from GH¢377,316.50 in 2015 to GH¢1,369,706.80 in 2016, representing a whopping 263.01 percent margin.
Dr. Oduro Boateng announced that by this record, the bank had exceeded the Central Bank’s Stated Capital requirement, which has December 2017 as the deadline.
Apart from crossing the stated capital, the bank also recorded a net profit before tax of GH¢731,427.98, out of which GH¢261,915.75 was deducted as tax expenses, the Board Chairman disclosed.
There was also a statutory reserve transfer of GH¢234,756.12, leaving a profit of GH¢234,756.12 after both taxation and statutory reserve transfer for the year 2016.
The General Manager of the bank, Mr. Michael Osae Wilberforce, disclosed that the clientele base of the bank keeps increasing, due to commitment on the part of the board and management to ensuring good corporate governance, as a means of determining direction and performance.
He indicated that the bank currently has over 65,000 customers spread across all its seven branches in the Brong Ahafo and Ashanti regions.
Mr Osae Wilberforce hinted that all is set for the management of the bank to add an eighth branch in the central business district of Kumasi by the end of the year.
Source: Sebastian R. Freiku||The Chronicle