Banking & Finance

Amantin and Kasei Community Bank achieves remarkable growth in 2023

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The Amantin and Kasei Community Bank, based in the Bono East Region, has reported an impressive performance in its financial metrics for the year 2023.

The bank witnessed a staggering 46.85% increase in total advances, climbing from GH¢17.25 million in 2022 to approximately GH¢25.34 million in 2023. This growth reflects the bank’s dedication to providing financial support to businesses, especially SMEs and individuals within its operational area.

The bank also saw a significant rise in total deposits, which increased from GH¢69.40 million to GH¢81.52 million, indicating a growth rate of 17.47%. This upward trend illustrates the growing confidence of customers in the bank’s services.

The short-term investments portfolio of the bank experienced a notable expansion, summing up to GH¢37.63 million—an impressive growth of 41.56% from the previous year’s GH¢26.58 million. This strategic move enhances the bank’s capacity to optimize investment opportunities.

In terms of gross income, the bank reported a remarkable figure of GH¢17.92 million in 2023, reflecting a 47.53% increase compared to GH¢12.15 million in 2022. Additionally, profit after tax soared to GH¢1.85 million, a significant rise of 75.98% from GH¢1.05 million the previous year. Such performance highlights the bank’s operational efficiency and resilience in a competitive financial landscape.

The bank’s total assets also appreciated significantly, increasing from GH¢77.91 million to GH¢93.06 million, which further solidifies its standing within the financial sector.

During the 19th annual general meeting of shareholders held in Amantin, Board Chairman, Richard Owusu Afriyie, expressed pride in the bank’s performance. He noted that the bank’s capital adequacy ratio stands at 16%, exceeding the industry benchmark of 10%, which showcases its strong financial health.

Despite the successful financial year, Mr. Afriyie announced that the bank would not distribute dividends from its 2023 profits in compliance with directives from the Bank of Ghana. Instead, the board proposed allocating GH¢500,000 from retained earnings to enhance the bank’s stated capital, a decision aimed at ensuring long-term sustainability and readiness for future opportunities.

In line with its corporate social responsibility initiatives, the bank invested GH¢48,991.50 into various community projects including GH¢31,742 in Kasei Water Project, GH¢7,600 to support infrastructural development at Yeji Senior High School and GH¢9,649 for essential furniture and equipment for the outpatient department of Atebubu Government Hospital.

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