The Anum Rural Bank in the Eastern Region has held its 38th Annual General Meeting (AGM) to consider and adopt the Statement of Accounts for the year ended December 31, 2020, at its head office at Anum.
Though a difficult year globally, with many sectors being impacted by the effects of the Covid-19 pandemic, the Bank delivered an impressive performance on key focus areas that build on the 2019 financial performance.
At the AGM, shareholders commended the Bank for its positive growth trajectory over the past year, signalling a strong commitment towards further growth and more profits.
Board Chairman of the Board of Directors of the Anum Rural Bank, Mr. Daniel Adu Appea, in his remarks noted that the Bank continues to pursue its corporate mission of becoming one of the leading and most dependable rural banks in Ghana via the provision of financial and non-financial services to help narrow the developmental gap between its rural communities and urban areas.
To deliver growth in revenue deposit mobilization, excellent customer service and appreciable growth in shareholders’ funds, the board chairman said the bank in 2020 created a conducive operational atmosphere to help in these drives.
Mr. Adu Appea highlighted that in the past financial year, the Anum Rural Bank delivered a 107.88% growth in Profit Before Tax (PBT) from GHS 317,329 in 2019 to GHS 659,672 in 2020, in spite of the challenges in the banking industry in 2020 that had threatened the nation in the year under review.
Total Customer Deposits witnessed a 26.02% growth from GHS 26,591,377 in 2019 to GHS 35,942,963 in 2020, with Total Assets increasing from GHS 36.19 million in 2019 to GHS 46.20 million in 2020, representing a growth of 27.66%.
The bank’s total operating income also rose from GHS 7,352,759 in 2019 to GHS 8,769,565 in 2020, recording an increase of 18.79% while net income and interest income also recorded a 20.12% rise from GHS 5,208,257 to GHS 6,256,405 and GHS 6,253,158 to GHS 7,427,994 respectively.
Its operating expenses also saw a 12.13% rise from GHS 6,835,597 in 2019 compared to GHS 7,664,900 recorded in 2020 with its total shareholders’ funds also recording a year-to-year growth of 6.01% rise from GHS 6,443,952 to GHS 6,831,438.
According to Mr. Appea, the bank has received full payment of its locked up funds from the Receiver, the Registrar General’s Department.
He said the Bank was unable to declare dividends to its shareholders amid the COVID-19 pandemic based on a directive from the Bank of Ghana.
He disclosed that the decision, according to the regulator of the financial sector, was to ensure that the Banks and Specialized Deposit-taking Institutions (SDIs) remain stronger in the COVID-19 era and also to be able to absorb any potential operational losses.
The bank also honoured its corporate social responsibilities (CSRs), spending an amount of GHS 20,288 on scholarships, charities and donations to support community development and better the lives of the people.