Despite the overwhelming challenges that bedevilled the economic system in 2020, the Amantin and Kasei Community Bank at Amantin within the Bono East Region posted spectacular progress in all efficiency indicators through the yr underneath evaluation.
The monetary yr was characterised by socioeconomic disruptions occasioned by the outbreak of COVID-19, however the financial institution weathered the storm to put up a exceptional revenue after tax progress of 267.84%. The determine stood at GH¢907,351 – which is a exceptional feat as in comparison with a lack of GH¢540,609 it posted 2019.
The financial institution additionally chalked up a milestone within the space of deposits mobilisation, because it ended the yr with a little bit over GH¢44.53million, representing 51.49% enhance over the 2019 determine of GH¢29.39million. Total property however appreciated by 42.20%, altering from GH¢34.76million to GH¢49.44million. Details of the financial institution’s efficiency are captured within the desk beneath.
The Board Chairman of Amantin and Kasei Community Bank, Dr. John Oduro Boateng, made these disclosures through the 15th and 16th annual basic assembly of shareholders held at Amantin.
He mentioned the financial institution actually felt the impression of worldwide financial downturn on account of the COVID-19 pandemic, recounting the drop of Ghana’s GDP progress price to 0.4% from 6.5% in 2019. The state of affairs was largely brought on by responsive measures like lockdowns, border-closure and provide chain disruptions.
That however, he famous the financial institution was steadfast and pursued strong progress, therefore the spectacular performances within the indicators. He expressed optimism of enhancing its efficiency within the subsequent years, saying: “While the Banking sector still recovers from effects of the Banking sector reforms and COVID-19 pandemic, we remain optimistic about prospects for the Bank in the years ahead”.
The Board Chairman added that in keeping with the rising development of technological development within the banking trade to supply platinum and revolutionary companies to clients and consolidate progress, the financial institution will equally prioritise digitalisation to be in tune with altering dynamics inside the banking house to stay related.
He introduced a five-year strategic plan (2021-2025) has been rolled out to direct operations of the financial institution, indicating that the plan is anchored on dedication to prudent danger administration and sticking with the acknowledged path. One key goal of the plan is to double deposits by 2025, with a corresponding progress in returns on shareholders’ fairness by over 20%.
Corporate Social Responsibility
The financial institution dedicated GH¢18,993 – representing 10% of its revenue after tax – into company social duty (CSR). According Dr. Boateng, the financial institution invested in initiatives like renovation of Amantin M/A JHS block and provision of PPE to Amantin, Ejura and Kasei well being services. The financial institution additionally bought a desktop laptop for Kwabre East Municipal Education Service within the Ashanti Region, he added.
The General Manager-Amantin and Kasei Community Bank, Michael Wilberforce Osae, in an interview with B&FT appealed to authorities as a matter of urgency to scale back the 25% company tax to create extra fiscal house for rural and neighborhood banks (RCBs).
The mentioned tax regime, he lamented, has been suffocating RCBs because it was elevated considerably from 8% to 25%; explaining that it could be prudent to take such a call to assist restoration of the economic system from the shackles of COVID-19. RCBs want this tax aid greater than ever to maintain operations in addition to impression on society via CSR actions, he added.
Dr. John Oduro Boateng, Amantin & Kasei Community Bank Board Chairman
| Item | 2019 (GH¢) | 2020 (GH¢) | % Change |
| Deposits | 29,395,267 | 44,530,023 | 51.49% |
| Advances | 13,990,012 | 13,229,015 | (5.44%) |
| Investments | 10,144,294 | 16,544,294 | 63.09% |
| Total Assets | 34,768,158 | 49,441,566 | 42.20% |
| Stated Capital | 1,507,661 | 1,521,546 | 0.92% |
| Gross Income | 5,659,716 | 6,896,671 | 21.86% |
| Profit Before Tax | (1,046,788) | 1,058,913 | 201.16% |
| Profit After Tax | (540,609) | 907,351 | 267.84% |
