Amantin & Kasei Community Bank posts impressive growth, with over GH¢1m profit
Amantin and Kasei Community Bank, at Amantin in the Bono East Region has posted impressive growth in all the performance indicators during 2022 financial year under review.
The bank recorded profit after tax of GH¢1,055,662, representing 35.66% more over the 2021 figure of GH¢778.151. This achievement stemmed out of 49.24% gross income growth from GH¢8,143,526 to GH¢12,153,537.
Total deposits of the bank went up by 36.20%, changing from GH¢50,959,848 in 2021 to GH¢69,405,591 in 2022. The bank increased loans and advances by 22.15% from GH¢14,128,017 to GH¢17,257,614.
Total assets showed an appreciation of 29.32%, amounting to GH¢77,918,288 as against GH¢60,250,693 in the previous year. On the other hand, the bank posted a marginal increase in short term investments portfolio from GH¢24,439,761 to GH¢26,585,698, indicating 8.78% change.
The Chairman of Board of Directors, Amantin and Kasei Community Bank, Dr. John Oduro-Boateng, disclosed this during the 18th annual general meeting of shareholders held at Amantin. He said the bank could have performed better had it not been operating challenges which accounted for impairment losses on the bank’s investments with investment houses.
The Ghanaian economy experienced an upset in its recovery attempts from the pandemic. A surge in inflation and depreciation of the Ghana Cedi as a trickle-down effect from external shocks placed pressure on the government’s budget for the year 2022. The introduction of the Domestic Debt Exchange Program (DDEP) by the government placed a lot of pressure on investment houses in the country, just when Banks were recovering for the Banking sector clean up,” he said.
That notwithstanding, Directors of the Bank proposed payment of dividends to shareholders with a total allocation of GH¢145,087. This means each share will attract GH¢0.036. However, payment of the proposed dividends is subject to approval by Bank of Ghana.
As at the close of the 2022 financial year, the bank’s stated capital stood at GH¢1,545,456. This shows an insignificant 0.34% growth over the previous year’s figure of GH¢1,540,206.
Commenting on corporate social responsibility (CSR), Dr. Oduro-Boateng said every year the bank sets aside 10% of profit after tax to finance CSR initiatives. In 2022, the bank committed GH¢191,819 into such activities including completion of Amantin SHS Dining Hall project, he added.
On his part, Michael Wilberforce Osae, CEO of Amantin and Kasei Community Bank said the Bank is committed to sustainable growth. “We look forward to improve our digital products, strengthen internal controls and motivate staff.”
