The bank, within the last two years alone, has spent a little over GH¢60,000 on CSR activities, while supporting a total of 18 projects and activities in 2016.

The projects include the construction of a borehole for the Jamasi community, contribution to the 2016 Farmers Day celebrations, as well as a donation of solar-powered lamps to the local police post, among others.

This was disclosed by the Board Chairman of the bank, Mr Osei Assibey Bonsu, at its 28th annual general meeting.

2016 performance

In spite of the challenging macroeconomic and political environment that pertained in 2016, the bank posted a satisfactory operational performance in the year under review.

The bank posted a pre-tax profit of approximately GH¢1.28 million in 2016, compared to the GH¢ 1.23 million it posted in 2015, representing a growth of 0.29 per cent.

This came with improved revenue generation, which raised total income from GH¢11.4 million to GH¢14.6 million.

This represented an improvement in the bank’s income-generation activities, which was as a result of the careful execution of strategy during the year under review.

Deposits

Deposits also increased by 22 per cent from GH¢44.7 million in 2015 to GH¢ 54.6 million in 2016.

Mr Bonsu said that was as a result of the hard work of the staff towards deposits mobilisation and the inculcation of the culture of saving into the people.

He said the management had pledged to continue to formulate policies and plans that would improve the bank’s deposit base while mitigating any corresponding risks.

Loans and advances

The bank’s loans and advances portfolio increased by nine per cent from GH¢14.5 million in 2015 to about GH¢18.6 million in 2016.

This was attributed to the speedy processing and timely disbursement of term loans which incessantly contributed significantly to the growth.

Credit impairment also inched up from about GH¢ 1.9 million to a little over GH¢ 2.1 million with a charge for the year of GH¢ 274,062 as compared to GH¢ 366,221 previously.

Investment & assets

The bank’s investment went up from approximately GH¢ 21.5 million in 2015 to a little over GH¢ 24.7 million representing 15 per cent growth, while total assets moved from approximately GH¢ 52 million in 2015 to a little over GH¢ 65 million in 2016, representing a growth of 17 per cent.

Dividend

As a result of the impressive performance, the board has proposed a dividend payment of GH¢ 0.0025 per share as mandated by Section 73 of the Companies Act of 1963, Act 179.

Future Outlook

The Chief Executive Officer (CEO) of the bank, Dr Kwadwo Obese Antwi, in an interview with Graphic Business, said its focus for 2017 was on driving growth, innovations, efficiency and service as the main pillars for achieving profitability.

He said the process of listing the bank on the Ghana Stock Exchange’s alternative market (GAX) was still ongoing, while admitting that the pace had been slow.

“The bank will continue to pursue a massive share and deposit mobilisation, follow stringent cost reduction policies, strengthen internal control measures and develop the human capital to meet demands of functioning profitability in the competitive rural banking environment,” he noted.