This represents 40 per cent of the bank’s profit available for payment  and translates into a dividend-per-share of GH?0.03.

The dividend proposed is 200 per cent above that of last year.  

The Chairman of the Board of Directors, Alexander Frimpong, who announced this at the bank’s 34th annual general meeting (AGM) at Fomena, said in spite of the challenging macroeconomic environment, the bank managed to pull yet another remarkable operational performance in all key financial indicators.

The bank recorded a profit before tax of over GH¢6.2 million as against approximately GH¢2.4 million in 2022, representing an impressive growth of 155.93 per cent. 

That translates to GH¢3.77 million.  

“This is a significant performance and therefore the board is doing everything possible to ensure sustained operational efficiency to end the year well to give value to shareholders,” Mr Frimpong said. 

Financials

Total assets of the bank amounted to approximately GH¢233 million in December 2023, representing an increase of 41.89 per cent from about GH¢ 164 million in 2022.  

The bank’s growth in total assets was driven by a healthy increase in deposits and the performance for year-to-date strongly suggests the bank is very likely to witness a similar trend in 2024.

The bank's stated capital grew by 1.29 per cent from approximately GH? 4.97million in 2022 to a little over GH?5million in the year under review while shareholders' funds also increased by 38.47 per cent in 2023 compared to 19.36 per cent in 2022. 

Corporate Social Responsibility 

The bank continues to provide support to various state institutions and stakeholders within its catchment areas according to a release issued after the AGM. 

Some projects supported within the bank’s catchment areas during the year under review included that of the traditional councils, Ghana Education Service (GES), the Ghana Police Service, Heal the Komfo Anokye Project at the Komfo Anokye Teaching Hospital (KATH) and support for Farmers' Day celebration. 

Outlook 

The Chief Executive Officer of the bank, Daniel Amponsah, in an interview said the bank would continue to put in pragmatic measures to ensure positive growth to achieve the strategic plan of the bank.  

He said the bank would intensify loan recovery, embark on intensive deposit mobilisation, strengthen internal controls and maintain quality assets to increase profitability.  

He has also noted that the bank’s business focus in 2024 is on driving growth, innovation, efficiency and service as the main pillars in achieving profitability.

“The bank would develop the human capital to meet demands of functioning profitability as well as achieving the objective of overcoming the shocks of the unfriendly macro economy, rising cost of living as well as its devastating effects,” the CEO said.