Amansie West Bank posts GH¢376,735.26 pre-tax profit 

The Amansie West  Rural Bank, per its  performance in the  fiscal year ending December 31, 2010, has made tremendous improvement, it has been disclosed.

The Chairperson of the Board of Directors, Ms. Grace Boateng, said at the 26th Annual General meeting that in spite of the global experience, the bank recovered from the economic crises during the year 2010 in Ghana, as the government continued with the objective of achieving single digit inflation.

According to her, the government's policy on inflation also underscored the Bank of Ghana's continual reduction in the prime rate from 16.5% in the first quarter, to close at 13.5% in the last quarter of the year under review, as a result of which, both the economy and operations in the banking industry, experienced repercussions in various ways.

Ms. Boateng stated that the bank's pre-tax profit for the year 2010 was GH¢376,735.26, as against GH¢352,450.02 recorded in 2009, which percentage increase of 6.89 was likely to witness a dramatic improvement in 2011.

The Chairperson said total amount paid as dividend for the 2010 fiscal year stood at GH¢81,433.71, which works out to GH¢0.0238 or 230.80 old cedi per share.

She said the bank's paid-up capital increased from GH¢173,341.18 in December, 2009, to GH¢183,982.65 in December, 2010, which figure, she said, was far below the bank's expectation.

It was also disclosed that the bank purchased a total value of GH¢8,602,629.13 of Akuafo Cocoa Cheques during 2010, compared to the total of GH¢4,374,690.33 purchased in 2009, of which the 96.64% increase in the volume of cheques purchased was attributed to the contribution by licensed agencies, including the Produce Buying Company (PBC), and hoped the ensuing cocoa seasons would yield fruitful results, to enable the bank maximise returns for the good of the bank.

She indicated that the total payments made by the bank in meeting its social responsibility towards various organibations, institutions and groups within its catchment area during 2010, amounted to GH¢22,801.44.

These included sponsorship of the National Service Personnel Week for the Amansie East and West districts, National Farmers Day, Support for the establishment of a Nursing Training School at Manso Nkwanta, Support to the Christian Service University College graduation day, Donation to the SDA Senior High School towards its Speech and Prize-giving Day, and a donation to the Otumfuo Charity Fund, among others.