Ahafo Ano Premier Rural Bank Posts 78% Net Profit For 2023

Mr Ernest Dankwah, CEO of Ahafo Ano Premier Rural Bank (1st left) in a group pose with staff and outgoing Board Members of the Bank as well as Chiefs in the Ahafo Ano Enclave after the Annual General Meeting (AGM).

The Ahafo Ano Premier Rural Bank, one of the best performing rural banks in Ghanabased in Wioso in the Ashanti Region has posted a record Net Profit of 78% under the year 2023.

Speaking at the Bank’s Annual General Meeting (AGM) at Wioso on Friday, the outgoing Board Chairman, Alfred Richmond K Frimpong said the bank during the year under review, 2023, recorded GhC 935, 493, 000 net profit after tax. 

This figure, he said, represented a 78% increment as compared to the GHC 527, 547.00 the bank recorded in the previous year.

The Outgoing Board Chairman therefore commended the current Chief Executive Officer (CEO), Mr Ernest Dankwah for undertaking good measures which had culminated into massive improvements in the operations of the bank.

Details:

Mr Frimpong, giving a background of operations and performance indicators of the bank, said the bank in 2021 recorded GhC 54, 912, 685.00 as deposits from customer.

He stated that in 2022, the Bank had GHC 77, 009,22 as deposits from its customers, adding that in 2023, the year under review, the Bank recorded a 34% increment in deposits amounting to GhC 103, 348, 272.00.

Regarding investments, the Outgoing Board Chairman said the Bank in 2021 recorded 32, 461, 476.00, adding that in 2022 it had GHc 40, 406,717.00 as investments.

However, he said the Bank in the year under review, 2023 recorded investments worth GhC 46, 912, 488.00 representing an increase of 16%. from the previous year.

Net Worth:

The bank in 2021 had a net worth of GhC 1, 609, 855.00 and in 2022 it rose to GhC 3, 312, 737.00.

But remarkably, in 2023 the Banks net worth grew to GhC 4, 235, 906.00, an increase of 28% over the previous year’s.

Assets:

In 2021, total assets of Ahafo Ano Premier Rural Bank was valued at GhC 57, 882, 453.00 and in 2022 the assets grew to GHC 85, 535, 149.00.

In 2023, the bank recorded GhC 111, 617, 070, which is an inrease of 31% over the previous year’s.

Profit (Loss) Before Tax:

In 2021, the bank posted a loss after tax in the tune of GHC128, 982.00 but in 2022 it recorded a profit of GhC 526, 547, 00 after tax.

Under the year 2023, the bank posted a record GHC 935, 493.00 as profit after tax, a 78% increase over that of 2022.

Independent External Auditors:

Speaking at the AGM, Andrews Ampong representing Gyabaah and Partners, Chartered Accountants and Auditing Firm said the Ahafo Ano Premier Rural Bank had through its Outgoing Board Chairman presented a true and fair view of the financial position of the bank.

He said the bank as at 31st December 2023 presented its financial performance and its cash flows for the year 2023, adding that the bank did that in accordance with International Financial Reporting Standards (IFRS).

Mr Ampong said the Bank had demonstrated true transparency and in the manner required by the Companies Act, 2019 and the Bank and Specialised Deposit-Taking Institution Act, 2016 (Act 930).

Chief Executive Officer:

Speaking to this reporter, Mr Ernest Dankwah, CEO of the Ahafo Ano Premier Rural Bank commended the ougoing Board of Directors for overseeing a robust accounting process and operations at the Bank.

He noted that such proactive practices and measures would ultimately help the Bank to attain the standards the Bank of Ghana has set to enable Ahafo Ano Premier Rural Bank share its own dividends among share holders.

Elections:

Following the term expiration of the current Board of Directors, fresh elections was held last Friday to select seven new persons to oversee the activities of the management and staff of the Bank. 

Sarah Nkansah Ossei, Humphrey Nii Omaboe, Collins Addai, Fred Asafo, Daniel Berko, Patrice Vasco Asamoah and Joseph Kankam were thus elected pending approval from the Bank of Ghana to fill the positions of the outgoing Board of Directors.

Source: Ghana/otecfmghana.com/Michael Ofosu-Afriyie,  Kumasi.