Amanano Rural Bank Has Overturned Its Losses Into Profit Since 2019—Board Chairperson

At its 35th Annual General Meeting of Shareholders held in Nyinahin on Friday, 17th November, 2023, the Amanano Rural Bank PLC was announced to have recorded a gross profit of GHC 842,127.00 in 2022–the first in over five years, which also represents a positive turn of fortune viewed from the trajectory of a loss of GHC 1,941,434.00 recorded in 2021.

Announcing the good news to the bank’s shareholders, the Chairperson of the Board of Directors of the Amanano Rural Bank, Oheneyere Augustina Asare Osei, also revealed additional gladder tidings in her chairperson’s report that the bank has made a further gross profit of GHC 4.4M as at 31st October, 2023!

These profits mark a new chapter for the bank and a sign of its operational stability, consequent of the bank’s stringent implementation of strategic management and corporate-governance policies. The outstanding performance viewed from the announced profits also attests to the fact of the bank having strengthened its liquidity position.

Oheneyere Asare Osei logically projected an offshoot of the great news to the bank’s shareholders: that, for the first time in years, the bank is now in a position to pay dividends to its shareholders in 2025 on the basis of these positive trends.

She attributed these great achievements and the positive outlook on the bank to the strategic direction of the Board—a Board which has emphasised fiscal discipline, prudent management of depositors’ funds and the commitment of the management and staff of the bank.

The Board of Directors used the AGM to appeal to the shareholders to buy more shares to increase the bank’s share value to enable the payment of dividends.

Mr. Noble Christian Osei-Bonsu, the Chief Executive Officer (CEO) of the Amanano Rural Bank, having been impressed with the bank’s performance, assured the shareholders of management’s assiduous industriousness to bring more improvement to the bank’s indicators.

It is significant to note that this current Board of Directors took office in February 2022. Other members of the Board are Professor Kwaku Dwumor Kessey (Vice Chairman), Mr. Ignatius Kwame Otoo, Mr. George Fuseini, Esq and Mr. Raymond Ofosu-Atoubi.

Among the dignitaries were Nana Amanpene Boateng Twum II, Nyinahinhene; Mr. Kofi Owusu, Ashanti Regional Director, ARB APEX Bank; Vice Chairman, Association of Rural Bank, Ashanti Chapter; representatives of sister rural banks.