By: Kingsley Attitsogbui| Kpeve
The Weto Rural Bank PLC has held its 37th Annual General Meeting (AGM) at the bank’s head office in Kpeve, the South Dayi District capital of the Volta Region.
The meeting, which was held on Saturday, August 19, 2023, was in a bid to ensure transparency and accountability to its shareholders, stakeholders and regulatory authorities.
Speaking at the meeting, the Board Chairman, Mr. Sebastian K. Atsrim, noted that, management under the direction of the Board was able to weather the storm against numerous and varied challenges to put up some credible performance during the year 2022 under review.
According to Mr. Atsrim, interest income increased from GHS 3.6m in 2021 to GHS4.5m in 2022. This represents a 25% increment over the 2021 performance as total revenue also increased from GHS4.6m in 2021 to GHS5.1 in 2022 representing a 11% over the last year’s performance.
He stated that, customer deposit also increased from GHS14.8m in 2021 to GHS17.5m in 2022, showing an increase of GHS 2.7m in absolute terms and 18.4% in percentage over the 2021 performance.
Loans and Advances to customers, he said, grew from GHS5.3m to GHS7.9m during the period. This also showed a growth of GHS2.6m in amounts and 49% in percentage terms during the financial year under review whiles shareholders fund increased from GHS2.98m in 2021 to GHS3.6m in 2022 representing 20.9% over the previous year’s performance as a result of the improved profit position in the year.
Investment on the other hand grew marginally from GHS10, 453, 902 to GHS10, 635, 867 representing 1.7% over the 2021 performance and total assets grew from GHS18.57m to GHS20.36m during the year under review, a growth of GHS1.79m representing 9.65% growth over the 2021 performance.
The bank however, recorded a dip in Profit Before Tax (PBT) from GHS829,886 in 2021 to GHS512, 490 in 2022 financial year, a decline by 38%.
Meanwhile, Mr. Atsrim, announced payment of dividends to shareholders to the tune of GHS100.000.00 for the year 2022 and that he said would be GHS0.00209 per share.
“This year, the board considered the payment and after meticulous analysis and approval from BoG, the Board has approval for payment of a total value of Ghc100.000.00 as dividend for the year 2022, that is Ghc0.00209 per share.” He said.
He observed that, since 2019, the bank could not pay dividends due to a strategy to build up reserves and also a regulatory directive from the Bank of Ghana (BoG).
The Chief Executive Officer (CEO) of the bank Mr. Alfred Danquah, emphasized the impacts of the bank in its operational areas adding that, the Bank prides in its relationship in the communities where its customers live and work.
The Bank, he said, will continue to support small and medium businesses to grow.
He said the bank through its Corporate Social Responsibility (CSR) supported in various areas including health, sanitation, education, agriculture and general poverty alleviation initiatives adding that, the bank contributed GHS13, 284 to support its charitable activities in these areas.
Three (3) new members, Mr. Prosper Gameli Agbanu, Mr. Frank Asare and Lawyer Doris Agbetsise, were approved to serve on the board of the bank.
Some shareholders who spoke to the media said the bank has been helpful in terms of the numerous support they get from it as in loans for their wards school fees, agriculture activities and investment into other small and medium businesses in their localities.