Nzema Manle Rural Bank posts impressive turnover in 2021

Tikobo No.2 (W/R), Sept. 26, GNA – The Nzema Manle Rural Bank PLC recorded a profit after tax of GH¢632,039 for the year ending 2021, against GH¢553,427 in 2020 with a percentage change of 14.20.

The bank recorded such performance despite the challenging global and domestic environment such as the COVID-19 pandemic, the Russian and Ukraine war.

Mr. Wisdom Quaku, Board Chairman of the bank, announced the performance at the 39th Annual General Meeting (AGM) of shareholders and directors of the bank at Tikobo Number Two in the Jomoro Municipality of the Western Region.

Mr. Quaku announced the approval of a final dividend of GH¢0.0073 per share totaling GH¢101,403 for shareholders, adding that the “payment of this dividend is necessary after almost two years when the last dividend was declared.”

He said the bank would continue to pay dividends to shareholders depending on their investments or shares and hinted that a total deposit recorded in 2021 was GH¢54,160,100 against GH¢47,657,971 with a percentage change of 13.64%.

The bank also recorded an investment of GH¢36,401,689 in 2021 as against GH¢30,266,874 in 2020 with a percentage change of 20.27.

Total Income soared from GH¢6,921,757 in 2020 to GH¢8,630,159 in 2021 with a percentage change of 24.68., while a total Expenditure in 2020 was GHc6,167,108 with a sharp increase of GH¢7,451,847 in 2021 representing a 20.83 percentage change.

He said paid-up capital increased from GH¢1,261,954 in 2020 to GH¢1,269,571 in 2021 with 0.06. With shareholders Fund also rose from GH¢3,700,424 in 2020 to GH¢4,098,634 in 2021 with a percentage change of 10.76.

Total Assets increased from GH¢54,948,539 in 2020 to GH¢61,173,277 in 2021 recording 11.33.

Mr. Quaiku told shareholders that as part of corporate governance directive, the bank was committed to managing its business in a sustainable way and upholding the highest standards of ethics and corporate governance practices.

On corporate social responsibility, he said the bank had expended GH¢45,044 across its operational areas, adding that an amount of GH¢5,800 was devoted to medical support.

He said the Tikobo Number Two Anglican Primary School water project was completed at a cost of GH¢13,294.00 with GH¢4,950.00 spent on packets of iron sheets of the Gwira Enyinase M/A Junior High School.

The bank also spent GH¢3,000.00 on the orientation of newly trained teachers and GH¢500 on ADR (Alternative Dispute Resolution) Week celebration of the Ellembelle District court.

One thousand cedis went to the Association of Nzema Students and GH¢6,000.00 being the cost of hospital beds donated to the St. Martin’s De Porres Hospital at Eikwe.

On the outlook for 2022 and beyond, Mr.Quaiku said the war between Russia and Ukraine, the passage of the E-Levy Act, rising inflation, rising fuel prices, exchange rate depreciation was likely to affect economic activities in the country, in the short to medium term.

He was confident that economic activities across the globe would rebound when countries had adjusted to the current geo-economic climate in the world.

“The opening up of our borders along the ECOWAS countries after their closure following the COVID-19 pandemic businesses and trading would soon pick up across West Africa.

The Managing Director of ARB Apex Bank, Mr. Alex Kwesi Awuah, said his outfit was ready to assist the Bank as part of the rural banking sector support.

He said the ARB Apex Bank would continue to partner Rural Banks and assured shareholders of their support to grow the banks.

Mr. Awuah lauded the Board and Directors for the prudent management and appealed to shareholders to invest in the bank and buy more shares.

President of the Western Regional Rural Banks Association (WERBA) whose speech was read on his behalf by the Board Chairman of the Jomoro Rural Bank, Professor Cobbold, stated that in the face of the COVID-19, it was commendable for the Nzema Manle Rural Bank to post impressive financial performance.

He also lauded the Bank for its Corporate Social Responsibility and urged them to do more.

Chief Executive Officer (CEO) of the NMRB, Mr. Thomas Quayson lauded the efforts of stakeholders of the Bank and that the Bank would intensify its efforts to maximize its operational results.

Chief of Tikobo Nana Arvo Nwiah V heaped praises on the Bank for its sterling feat at a time when many business champions in the world were collapsing.

He said the town had benefitted immensely from the Bank’s Corporate Social Responsibility and appealed to the Bank to bring more developmental projects to the area as more of the shareholders came from the area.

Awards such as flat screen Television sets, Refrigerators, fridges, machetes and plaques were given to shareholders who had transacted business with the Bank for 10 years and above.

 

Source: Ghana News Agency