Awutu EMASA Rural Bank makes impressive profit after taxation in 2023
The Awutu EMASA Rural Bank Limited recorded a surplus after taxation of GHc136, 327.00 in 2023 against a loss of GHc720, 737.00 in 2022, the Board Chairman of the Bank, Mr. Samuel Romulus Okine, has announced.
He declared the profit at the 33rd Annual General Meeting of the Bank, held at its Head Office at Awutu Beraku, to account for 2023 financial year to its shareholders.
The meeting was attended by hundreds of shareholders, Chiefs and Queen Mothers of the area who discussed the financial report, expectations for subsequent years and plans designed to increase the bank’s fortunes.
Mr Okine, stated in the report that the bank’s total assets grew by 29 percent from GHc17,875,833.00 in 2022 to GHc23,059,483.00 in 2023 while its total operating income stood at GHc3, 703,037.00 in 2023, representing about 28.88 percent increase as compared to GHC2, 2873,184.00 in the previous year.
He stated that its total deposit at the end of the year under review, grew from GHc16,363,171.00 in 2022 to GHc21,264.798.00 in 2023, representing an increase of about 29,96 percent.
On loans and advances, he said it increased from GHc4,662,118.00 in 2022 toGHc5,299,577.00 in 2023 representing about 13.7 percent increase saying, investment in government treasury bills and other securities grew by 85.4 percent from GHc4, 120,643.00 in 2022 to GHc7, 639,114.00 in 2023 respectively.
The Board Chairman stated that although the bank had achieved the minimum capital requirement, it needed additional capital to enhance its operational activities, hence it took the opportunity to invite family heads, opinion leaders, prominent personalities within and outside the banks catchment area, staff, customers and non-customers to buy shares to increase the capital of the bank.
He appealed to all customers and shareholders who were owing loans to honour their obligations for others to also benefit same to better their lots.
Mr. Isaac Yamoah, of the Central Regional Chapter of the Association of Rural Banks, commended the Board, Management and Staff of the Bank for their commitment and dedication at serving the people in their catchment area.
He advised them to continue to execute their duties in accordance with corporate governance framework of banks at gearing towards promoting enhancing the governance of banks which were principles of accountability, integrity, transparency, robustness, fairness, and social responsibility, whilst maximizing long term shareholder value.
Speaking to the Ghana News Agency (GNA) after the meeting, some of the shareholder applauded the Management and the Board of Directors, for putting in place prudent measures at recovering loans granted to borrowers, making the bank to progress.
They called on the Administrators not to rest on their achievements, but to be more responsible at safeguarding the bank for it to continue acting as catalysts for economic development of all who patronize their services.
