By: Felix Baidoo
The Juaben Rural Bank PLC, over the weekend, announced the payment of Gh¢1,125,053.00 as a dividend for the 2023 financial year, with each share amounting to GH¢0.07.
The announcement of the dividend payment follows approval by the Bank of Ghana upon request from the Board of Directors of Juaben Rural Bank PLC.
The Board Chairman in Ass of Rural Bank’s cloth interacting with the CEO during the meeting
Nana Dr. Appiagyei Dankawoso I, Board Chairman of the Bank, announced at the 38th annual general meeting of the Bank held at Juaben stating that the amount represented 27.14 per cent of the profit after tax of Gh¢4,145,00 4.00 for the year under review.
He stated that despite the current unstable nature of the nation’s financial sector, the Juaben Rural Bank PLC made gains according to the bank’s financial indicators.
Financial indicators
He said the Bank’s Deposit grew from Gh¢194,094,199.00 in 2022 to Gh¢240,785,384.00 in 2023 representing a 24.06 per cent increase.
The Board Chairman also indicated that Loans and Advances (Gross) increased to Gh¢71,300,218.00 in 2023 as against Gh¢61,415,768.00 in 2022 representing 16.09 per cent.
On Investment, Nana Dr. Appiagyei Dankawoso stated that it also saw a growth of Gh¢163,656,774.00 in 2023 as against Gh¢109,303,057.00 representing 49.73 per cent.
According to Him, total assets increased to Gh¢275,153,521.00 in 2023 as compared to Gh¢223,705,130.00 representing a 23 per cent increase.
The Board Chairman said Stated Capital increased from Gh¢4,231,848.00 in 2022 to Gh¢4728,406.00 in 2023 representing 11 per cent while profit after Tax grew from Gh¢3,774,192.00 in 2022 to Gh¢4,145,004.00 in 2023 and representing a 9.82 per cent.
He attributed the gains made to the compliance to prudent strategic measures put in place by the Board and the Management of the bank as he pledged to continue working very hard towards the attainment of better outcomes in the years ahead.
Corporate Social Responsibility
The Board Chairman mentioned that as part of the Bank’s Corporate Social Responsibility, it spent a total of GH¢105,000.00 on institutions/groups and individuals in the form of Scholarships, farmers’ Day Celebration (Juaben, Ejisu, Asokore Mampong, Bosome Freho, Old Tafo, Suame and Kwabre East District and Municipal Assemblies), Community Support (Dumakwai, Juaben, Ejisu, Breman, Tafo), as well as support to the development of education infrastructure in their operational areas.
Strategic planning
The Chief Executive Officer of the Juaben Rural Bank, Noble Augustine Awere Damoah, said “The ever-changing market dynamics required strategic initiatives to achieve strong and sustainable business growth and I am happy to inform you that the Bank’s performance for 2023 is a testament to our resolve to position our Bank amongst the elite Rural Banks in the country”.
He stated that the Bank’s performance so far had been impressive and was hopeful that as they looked into the future, they would continue to strategize to increase their market share by ensuring operational excellence, leveraging their core strengths and executing superior strategies to achieve sustainable business growth.
Call for investment
The CEO indicated that it was a good time to invest in Juaben Rural Bank and appealed to business people, companies, investors, and individuals to acquire shares in our bank as our Bank is focused on maximizing shareholders’ value and delivering optimal returns on investments.
“On the occasion of the 40th-anniversary celebration of our Bank, I would like to express my profound appreciation to the Board of Directors for their unwavering support and assistance to my administration. To my Management team and the entire staff, I say Ayekoo to them for their continuous commitment and hard work”. He said.
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